1. Summary of Significant Accounting Policies
Description of Business
AAR CORP. (the \u201cCompany\u201d) is a diversified provider of services and products to the worldwide commercial aviation and government and defense markets. \u00a0Services and products include: aviation supply chain and parts support programs; customer fleet management and operations; maintenance, repair and overhaul of airframes, landing gear, and certain other airframe components; design and manufacture of specialized pallets, shelters, and containers; aircraft modifications and aircraft and engine sales and leasing. We serve commercial, government and defense aircraft fleet operators, original equipment manufacturers, and independent service providers around the world, and various other domestic and foreign military customers.
Principles of Consolidation
The accompanying Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries after elimination of intercompany accounts and transactions.
Certain reclassifications have been made to the 2020 presentation to conform to the 2021 presentation.
New Accounting Pronouncements Adopted
In June 2016, the Financial Accounting Standards Board (\u201cFASB\u201d) issued Accounting Standards Update (\u201cASU\u201d) No. 2016-13, Financial Instruments\u2014Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. \u00a0This ASU requires a change in the measurement approach for credit losses on financial assets measured on an amortized cost basis from an incurred loss method to an expected loss method, thereby eliminating the requirement that a credit loss be considered probable to impact the valuation of a financial asset measured on an amortized cost basis. This ASU also requires the measurement of expected credit losses to be based on relevant information about past events, including historical experience, current conditions, and a reasonable and supportable forecast of the collectability of the related financial asset. \u00a0Our adoption of this ASU on June 1, 2020 did not have a material impact on our Consolidated Financial Statements.
In February 2016, the FASB issued ASU No. 2016-02, Leases (\u201cASC 842\u201d), which amended the existing accounting standards for lease accounting. ASC 842 requires lessees to recognize a right-of-use (\u201cROU\u201d) asset and lease liability on the balance sheet for most lease arrangements, including those classified as operating leases. In addition, ASC 842 requires new qualitative and quantitative disclosures about our leasing activities.
We adopted ASC 842 on June 1, 2019 using the modified retrospective transition approach. \u00a0Under that approach, prior periods have not been restated and continue to be reported under the accounting standards in effect for those periods. \u00a0We elected the package of practical expedients, which must be elected as a package and applied consistently to all leases. \u00a0This package permitted us to not reassess our prior conclusions about lease identification, lease classification and initial direct costs. In addition, we elected the practical expedients to not separate lease and non-lease components for both lessee and lessor relationships and to not apply the recognition requirements to leases with terms of less than twelve months.
Upon adoption of ASC 842 on June 1, 2019, we recognized operating lease ROU assets of $123.2 million and operating lease liabilities of $116.8 million on our Consolidated Balance Sheet. These amounts included operating lease ROU assets of $26.6 million and operating lease liabilities of $25.3 million related to our discontinued operations. In addition, we recognized the remaining unamortized deferred gains of $2.5 million, net of tax, associated with sale-leaseback transactions as a cumulative effect adjustment to the opening balance of retained earnings as of June 1, 2019. The adoption of ASC 842 did not have a material impact on the Consolidated Statements of Operations or Cash Flows.
1. Summary of Significant Accounting Policies (Continued)
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (\u201cASC 606\u201d), which provides guidance for revenue recognition. ASC 606 superseded the revenue recognition requirements in Accounting Standards Codification (\u201cASC\u201d) 605, Revenue Recognition, and most industry-specific guidance.
We adopted ASC 606 on June 1, 2018 using the modified retrospective method. \u00a0Under that approach, prior periods were not restated and continue to be reported under the accounting standards in effect for those periods. \u00a0We elected to use the allowing for the application of ASC 606 only to contracts that were not completed as of June 1, 2018. \u00a0We recognized the cumulative effect of initially applying ASC 606 as a decrease of \u00a0$20.4 million to the opening balance of retained earnings as of June 1, 2018.
Revenue Recognition
Revenue is measured based on consideration specified in a contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. \u00a0
Our unit of accounting for revenue recognition is a performance obligation included in our customer contracts. \u00a0A performance obligation reflects the distinct good or service that we must transfer to a customer. \u00a0At contract inception, we evaluate if the contract should be accounted for as a single performance obligation or if the contract contains multiple performance obligations. \u00a0In some cases, our contract with the customer is considered one performance obligation as it includes factors such as whether the good or service being provided is significantly integrated with other promises in the contract, whether the service provided significantly modifies or customizes another good or service or whether the good or service is highly interdependent or interrelated. \u00a0If the contract has more than one performance obligation, we determine the standalone price of each distinct good or service underlying each performance obligation and allocate the transaction price based on their relative standalone selling prices.
The transaction price of a contract, which can include both fixed and variable amounts, is allocated to each performance obligation identified. \u00a0Some contracts contain variable consideration, which could include incremental fees or penalty provisions related to performance. \u00a0Variable consideration that can be reasonably estimated based on current assumptions and historical information is included in the transaction price at the inception of the contract but limited to the amount that is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. \u00a0Variable consideration that cannot be reasonably estimated is recorded when known.
Our performance obligations are satisfied over time as work progresses or at a point in time based on transfer of control of products and services to our customers. \u00a0The majority of our sales from products typically represent distinct performance obligations and are recognized at a point in time upon transfer of control to the customer, which generally occurs upon shipment. \u00a0In connection with certain sales of products, we also provide logistics services, which include inventory management, replenishment, and other related services. \u00a0The price of such services is generally included in the price of the products delivered to the customer, and revenues are recognized upon delivery of the product, at which point the customer has obtained control of the product. \u00a0We do not account for these services separate from the related product sales as the services are inputs required to fulfill part orders received from customers.
For our performance obligations that are satisfied over time, we measure progress in a manner that depicts the performance of transferring control to the customer. As such, we utilize the input method of cost-to-cost to recognize revenue over time as this depicts when control of the promised goods or services are transferred to the customer. \u00a0Revenue is recognized based on the relationship of actual costs incurred to date to the estimated total cost at completion of the performance obligation. \u00a0We are required to make certain judgments and estimates, including estimated revenues and costs, as well as inflation and the overall profitability of the arrangement. \u00a0Key assumptions involved can include customer volume, future labor costs and efficiencies, repair or overhaul costs, overhead costs, and ultimate timing of product delivery. \u00a0Differences may occur between the judgments and estimates made by management and actual program results. \u00a0For contracts that are deemed to be loss contracts, we establish forward loss reserves for total estimated costs that are in excess of total estimated consideration in the period in which they become known.
1. Summary of Significant Accounting Policies (Continued)
When contracts are modified, we consider whether the modification either creates new or changes the existing enforceable rights and obligations. Contract modifications that are for goods or services that are not distinct from the existing contract, due to the significant integration with the original goods or services provided, are accounted for as if they were part of that existing contract with the effect of the contract modification recognized as an adjustment to revenue on a cumulative catch-up basis. When the modifications include additional performance obligations that are distinct, they are accounted for as a new contract and performance obligation, which are recognized prospectively.
Under most of our U.S. government contracts, if the contract is terminated for convenience, we are entitled to payment for items delivered and fair compensation for work performed, the costs of settling and paying other claims, and a reasonable profit on the costs incurred or committed.
We have elected to use certain practical expedients permitted under ASC 606. \u00a0Shipping and handling fees and costs incurred associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in Cost of sales on our Consolidated Statements of Income, and are not considered a performance obligation to our customers. \u00a0Our reported sales on our Consolidated Statements of Income are net of any sales or related non-income taxes. \u00a0We also utilize the \u201cas invoiced\u201d practical expedient in certain cases where performance obligations are satisfied over time and the invoiced amount corresponds directly with the value we are providing to the customer.
Cumulative Catch-up Adjustments
Changes in estimates and assumptions related to our arrangements accounted for using the cost-to-cost method are recorded using the cumulative catch-up method of accounting. These changes are primarily adjustments to the estimated profitability for our long-term programs where we provide component inventory management and/or repair services.
Favorable and unfavorable cumulative catch-up adjustments were as follows:
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Favorable cumulative catch-up adjustments | $ | 16.1 | $ | 6.1 | $ | 8.0 | |||
Unfavorable cumulative catch-up adjustments | \u00a0 | (4.1) | \u00a0 | (2.2) | \u00a0 | (2.1) | |||
Net cumulative catch-up adjustments | $ | 12.0 | $ | 3.9 | $ | 5.9 |
Contract Assets and Liabilities
The timing of revenue recognition, customer billings, and cash collections results in a contract asset or contract liability at the end of each reporting period. When an unconditional right to consideration exists, we record an unbilled receivable. When amounts are dependent on factors other than the passage of time in order for payment from a customer to be due, we record a contract asset which consists of costs incurred where revenue recognized over time using the cost-to-cost model exceeds the amounts billed to customers. Contract liabilities include advance payments and billings in excess of revenue recognized. Certain customers make advance payments prior to the satisfaction of our performance obligations on the contract. These amounts are recorded as contract liabilities until such performance obligations are satisfied, either over time as costs are incurred or at a point in time when deliveries are made. Contract assets and contract liabilities are determined on a contract-by-contract basis.
1. Summary of Significant Accounting Policies (Continued)
Net contract assets and liabilities are as follows:
May\u00a031,\u00a0 | \u00a0\u00a0\u00a0\u00a0 | ||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | Change | ||||
Contract assets \u2013 current | $ | 71.9 | $ | 49.3 | $ | 22.6 | |||
Contract assets \u2013 non-current | \u00a0 | 21.6 | \u00a0 | 22.4 | \u00a0 | (0.8) | |||
Contract liabilities \u2013 current | \u00a0 | (25.9) | \u00a0 | (11.2) | \u00a0 | (14.7) | |||
Deferred revenue on long-term contracts | \u00a0 | (5.4) | \u00a0 | (88.0) | \u00a0 | 82.6 | |||
Net contract assets (liabilities) | $ | 62.2 | $ | (27.5) | $ | 89.7 |
Contract assets \u2013 non-current is reported within Other non-current assets, and Contract liabilities \u2013 current is reported within Accrued Liabilities on our Consolidated Balance Sheet. \u00a0Changes in contract assets and contract liabilities primarily result from the timing difference between our performance of services and payments from customers.
During the fiscal 2021 and 2020, we terminated or restructured certain commercial power-by-the-hour (\u201cPBH\u201d) customer contracts resulting in charges of $5.7 million and $31.3 million, respectively. \u00a0Some of these contracts were deemed loss contracts requiring the establishment of forward loss reserves for the total estimated costs that are in excess of the total estimated consideration over the remainder of the contracts.
As of May 31, 2021, our Consolidated Balance Sheet included remaining forward loss reserves of $3.0 million with $2.8 million classified as current in Accrued liabilities and $0.2 million classified as long-term in Other liabilities.
One of our PBH customers notified us in June 2021 that the contract would be terminating earlier than originally anticipated. In conjunction with the early termination, we expect to recognize contract asset and rotable asset impairment charges of $5.0 to $10.0 million in the first quarter of fiscal 2022.
To support our PBH customer contracts, we previously entered into an agreement with a component repair facility to outsource a portion of the component repair and overhaul services. \u00a0The agreement included certain minimum repair volume guarantees which we have not met due to the impact of COVID-19 on commercial passenger aircraft flight hours. \u00a0During fiscal 2021, we recognized a $4.5 million charge to reflect our estimated obligation over the remainder of the agreement for not achieving the minimum volume guarantees. As of May 31, 2021, our Consolidated Balance Sheet included remaining loss reserves of $2.9 million with $1.5 million classified as current in Accrued liabilities and $1.4 million classified as long-term in Other liabilities.
Changes in our deferred revenue were as follows:
Year ended May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
Deferred revenue at beginning of period | $ | $ | (96.4) | |||
Revenue deferred | \u00a0 | (251.4) | \u00a0 | (417.2) | ||
Revenue recognized | \u00a0 | 318.2 | \u00a0 | 410.5 | ||
Other | \u00a0 | 1.1 | \u00a0 | 3.9 | ||
Deferred revenue at end of period | $ | (31.3) | $ | (99.2) |
1. Summary of Significant Accounting Policies (Continued)
Remaining Performance Obligations
As of May 31, 2021, we had approximately $750 million of remaining performance obligations, also referred to as firm backlog, which excludes unexercised contract options and potential orders under our indefinite-delivery, indefinite-quantity contracts. We expect that approximately 40% of this backlog will be recognized as revenue over the next 12 months, with approximately 45% of the remaining balance recognized over the next three years. \u00a0The amount of remaining performance obligations, which is expected to be recognized as revenue beyond 12 months, primarily relates to our long-term, PBH programs where we provide component inventory management and/or repair services.
Financial Instruments and Concentrations of Market or Credit Risk
Financial instruments that potentially subject us to concentrations of market or credit risk consist principally of trade receivables. \u00a0While our trade receivables are diverse and represent a number of entities and geographic regions, the majority are with the U.S. government and its contractors and entities in the aviation industry. \u00a0The composition of our accounts receivable is as follows:
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
U.S. Government contracts: | ||||||
Trade receivables | $ | 24.1 | $ | 33.9 | ||
Unbilled receivables | \u00a0 | 25.2 | \u00a0 | 27.4 | ||
\u00a0 | 49.3 | \u00a0 | 61.3 | |||
All other customers: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||
Trade receivables | \u00a0 | 104.9 | \u00a0 | 81.7 | ||
Unbilled receivables | \u00a0 | 12.5 | \u00a0 | 28.9 | ||
\u00a0 | 117.4 | \u00a0 | 110.6 | |||
$ | 166.7 | $ | 171.9 |
In addition, we currently have past due accounts receivable owed by former commercial program customers primarily related to our exit from customer contracts in certain geographies, including Colombia, Peru, and Spain. \u00a0Our past due accounts receivable owed by these customers was $4.7 million as of May 31, 2021 which was net of allowance for doubtful accounts of $8.8 million.
The carrying amounts of cash and cash equivalents, accounts receivable, and accounts and trade notes payable approximate fair value because of the short-term maturity of these instruments. \u00a0The carrying value of long-term debt bearing a variable interest rate approximates fair value.
Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. \u00a0These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. \u00a0Changes in assumptions could significantly affect the estimates.
Allowance for Doubtful Accounts
We maintain an allowance for doubtful accounts to reflect the expected uncollectibility of accounts receivable based on past collection history and specific risks identified among uncollected accounts. In determining the required allowance, we consider factors such as general and industry-specific economic conditions, customer credit history, and our customers\u2019 current and expected future financial performance. The majority of our customers are recurring customers with an established payment history. Certain customers are required to undergo an extensive credit check prior to delivery of products or services.
1. Summary of Significant Accounting Policies (Continued)
Our allowance for doubtful accounts also includes reserves for estimated product returns based on historical return rates. The reserve for estimated product returns is recognized as a reduction to sales with a corresponding reduction to cost of sales for the estimated cost of inventory that is expected to be returned.
We perform regular evaluations of customer payment experience, current financial condition, and risk analysis. We may require collateral in the form of security interests in assets, letters of credit, and/or obligation guarantees from financial institutions for transactions executed on other than normal trade terms. We also maintain trade credit insurance for certain customers to provide coverage, up to a certain limit, in the event of insolvency of some customers.
In fiscal 2019, we recognized a provision for doubtful accounts of $12.4 million related to the bankruptcy of a European airline customer. \u00a0The provision consisted of impairment of non-current contract assets of $7.6 million, allowance for doubtful accounts of $3.3 million, and other liabilities of $1.5 million.
The change in our allowance for doubtful accounts was as follows:
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Balance, beginning of year | $ | $ | 16.0 | $ | 7.5 | ||||
Provision charged to operations | \u00a0 | 8.5 | \u00a0 | 5.4 | \u00a0 | 15.8 | |||
Recoveries, deductions for accounts written off and other reclassifications | \u00a0 | (14.2) | \u00a0 | 0.7 | \u00a0 | (7.3) | |||
Balance, end of year | $ | 16.4 | $ | 22.1 | $ | 16.0 |
Goodwill and Other Intangible Assets
In accordance with ASC 350, Intangibles\u2013Goodwill and Other, goodwill and other intangible assets deemed to have indefinite lives are not amortized, but are subject to annual impairment tests. We review and evaluate our goodwill and indefinite life intangible assets for potential impairment at a minimum annually, on May\u00a031, or more frequently if circumstances indicate that impairment is possible.
As of May 31, 2021, we had three reporting units, which included two in our Aviation Services segment (Aviation Supply Chain and Maintenance, Repair, and Overhaul) and one comprised of our Expeditionary Services segment. We utilized the qualitative assessment approach for all reporting units which considers general economic conditions, industry specific performance, changes in reporting unit carrying values, and assumptions used in the most recent fair value calculation. We concluded it was more likely than not that the fair value of each reporting unit exceeded its carrying value at May 31, 2021, and thus no impairment charges were recorded.
In fiscal 2020, we elected to forego the qualitative assessment due to the unprecedented impact of the COVID-19 pandemic and utilized a quantitative assessment approach for all reporting units. We estimated the fair value of each reporting unit using primarily an income approach based on discounted cash flows. The assumptions we used to estimate the fair value of our reporting units were based on historical performance, as well as forecasts used in our business plan and required considerable management judgment in light of the impact of COVID-19. We used discount rates based on our consolidated weighted average cost of capital which is adjusted for each of our reporting units based on their specific risk, size, and industry characteristics. The fair value measurements used for our goodwill impairment testing use significant unobservable inputs, which reflected our own assumptions about the inputs that market participants would use in measuring fair value. The fair value of our reporting units is also impacted by our overall market capitalization and may be impacted by volatility in our stock price and assumed control premium, among other items. We concluded the fair value of each reporting unit exceeded its carrying values as of May 31, 2020, and thus no impairment charges were recorded.
1. Summary of Significant Accounting Policies (Continued)
Changes in the carrying amount of goodwill by segment for fiscal 2021 and 2020 are as follows:
Aviation | Expeditionary | ||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0Services | \u00a0\u00a0\u00a0\u00a0 | \u00a0Services | \u00a0\u00a0\u00a0\u00a0 | Total | ||||
Balance as of May\u00a031,\u00a02019 | $ | 96.9 | $ | 19.3 | $ | 116.2 | |||
Foreign currency translation adjustments | \u00a0 | (0.5) | \u2014 | (0.5) | |||||
Balance as of May\u00a031,\u00a02020 | \u00a0 | 96.4 | \u00a0 | 19.3 | \u00a0 | 115.7 | |||
Sale of Composites | \u2014 | (0.5) | (0.5) | ||||||
Foreign currency translation adjustments | 4.1 | \u2014 | 4.1 | ||||||
Balance as of May\u00a031,\u00a02021 | $ | 100.5 | $ | 18.8 | $ | 119.3 |
Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives. Intangible assets, other than goodwill, are comprised of the following:
May\u00a031,\u00a02021 | |||||||||
Accumulated | |||||||||
Amortizable\u00a0intangible\u00a0assets:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Gross | \u00a0\u00a0\u00a0\u00a0 | Amortization | \u00a0\u00a0\u00a0\u00a0 | Net | |||
Customer relationships | $ | 23.0 | $ | (19.7) | $ | 3.3 | |||
Unamortized intangible assets: | |||||||||
Trademarks | \u00a0 | 1.2 | \u00a0 | \u2014 | \u00a0 | 1.2 | |||
$ | 24.2 | $ | (19.7) | $ | 4.5 |
May\u00a031,\u00a02020 | |||||||||
Accumulated | |||||||||
Amortizable\u00a0intangible\u00a0assets:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Gross | \u00a0\u00a0\u00a0\u00a0 | Amortization | \u00a0\u00a0\u00a0\u00a0 | Net | |||
Customer relationships | $ | 21.4 | $ | (16.5) | $ | 4.9 | |||
Unamortized intangible assets: | |||||||||
Trademarks | \u00a0 | 1.1 | \u00a0 | \u2014 | \u00a0 | 1.1 | |||
$ | 22.5 | $ | (16.5) | $ | 6.0 |
In conjunction with the adoption of ASC 842 on June 1, 2019, our net intangible asset for lease agreements of $8.5 million was re-classified to the ROU asset. During fiscal 2020, we recognized an impairment charge of $5.4 million related to the exit of certain product lines across both our Aviation Services and Expeditionary Services segments.
Customer relationships are being amortized over 5-20\u00a0years. Amortization expense recorded during fiscal 2021, 2020 and 2019 was \u00a0$1.8\u00a0million, $2.3\u00a0million, and $3.9\u00a0million, respectively. The estimated aggregate amount of amortization expense for intangible assets in each of the next five fiscal years is $1.1\u00a0million in 2022, $0.5\u00a0million in 2023, $0.3 million in 2024, $0.3 million in 2025 and $0.3 million in 2026.
Foreign Currency
Our foreign subsidiaries utilize the local currency as their functional currency. All balance sheet accounts of foreign subsidiaries transacting business in currencies other than the U.S. dollar are translated at year-end exchange rates. Revenues and expenses are translated at average exchange rates during the year. Translation adjustments are excluded from the results of operations and are recorded in stockholders\u2019 equity as a component of accumulated other comprehensive loss until such subsidiaries are liquidated.
1. Summary of Significant Accounting Policies (Continued)
Cash
Cash and cash equivalents consist of highly liquid instruments which have original maturities of three months or less when purchased. Restricted cash represents cash on hand required to be set aside by a contractual agreement related to receivable securitization arrangements. Generally, the restrictions related to the receivable securitization arrangements lapse at the time we remit the customer payments collected by us as servicer of previously sold customer receivables to the purchaser.
Inventories
Inventories are valued at the lower of cost or market (estimated net realizable value). Cost is determined by the specific identification, average cost, or first-in, first-out methods. From time-to-time, we purchase aircraft and engines for disassembly to individual parts and components. Costs are assigned to these individual parts and components utilizing list prices from original equipment manufacturers and recent sales history. Expenditures for the repair of parts and components are capitalized as inventory.
The following is a summary of inventories:
May\u00a031,\u00a0 | \u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0 | |||
Aircraft and engine parts, components and finished goods | $ | 468.4 | $ | 556.6 | |||
Raw materials and parts | 53.0 | 45.9 | |||||
Work-in-process | \u00a0 | 19.2 | \u00a0 | 20.6 | |||
$ | 540.6 | $ | 623.1 |
Rotable Assets and Equipment under Leases
The cost of the asset under lease is the original purchase price plus overhaul costs. Depreciation is computed using the straight-line method over the estimated service life of the equipment. The balance sheet classification of equipment under lease is generally based on lease term, with fixed-term leases less than twelve months generally classified as short-term and all others generally classified as long-term.
Equipment on short-term lease includes aircraft engines and parts on or available for lease to satisfy customers\u2019 immediate short-term requirements. The leases are renewable with fixed terms, which generally vary from to twelve months.
Property, Plant and Equipment and Other Non-Current Assets
We record property, plant and equipment at cost. Depreciation is computed on the straight-line method over useful lives of 10-40\u00a0years for buildings and improvements and 3-10 years for equipment, and , and . Leasehold improvements are amortized over the shorter of the estimated useful life or the term of the applicable lease.
Repair and maintenance expenditures are expensed as incurred. Upon sale or disposal, cost and accumulated depreciation are removed from the accounts, and related gains and losses are included in results of operations.
Rotable assets supporting long-term programs consist of rotable component parts used to support long-term supply chain programs. The assets are being depreciated on a straight-line basis over their estimated useful lives.
1. Summary of Significant Accounting Policies (Continued)
In accordance with ASC 360, Property, Plant and Equipment, we are required to test for impairment of long-lived assets whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable from its undiscounted cash flows. \u00a0We utilize certain assumptions to estimate future undiscounted cash flows, including demand for our services, future market conditions and trends, business development pipeline of opportunities, current and future lease rates, lease terms, and residual values.
In our Aviation Services segment, we evaluated future cash flows related to certain rotable assets supporting long-term programs in light of declines in commercial airline volumes and commercial program contract terminations \u00a0We recognized asset impairment charges of $5.8 million related to these rotable assets in fiscal 2021. \u00a0In our Expeditionary Services segment, we consolidated manufacturing facilities and recognized impairment and related charges of $2.6 million during fiscal 2021.
In conjunction with the decision to exit certain product lines, we recognized rotable asset impairment charges of $1.9 million in fiscal 2020 in conjunction with reclassifying the rotable assets as inventory held for sale. \u00a0In fiscal 2021, we recognized additional impairment charges of $1.4 million on these assets.
Future rent due to us under non-cancelable leases during each of the next five fiscal years is $21.0 million in 2022, $21.7 million in 2023, $21.1 million in 2024, $21.1 million in 2025, and $19.1 million in 2026.
Investments
Investments where we have the ability to exercise significant influence, but do not control the entity, are accounted for under the equity method of accounting. \u00a0Significant influence generally exists if we have a 20% to 50% ownership interest in the investee. Our share of the net earnings or loss of our investees is included in operating income on our Consolidated Statements of Income since the activities of the investees are closely aligned with our operations. Equity investments in entities over which we do not have the ability to exercise significant influence and whose securities do not have a readily determinable fair value are carried at cost less impairment, if any, adjusted for changes resulting from qualifying observable price changes.
We evaluate our investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an investment is determined to be other than temporary, a loss is recorded in earnings in the current period.
Our investments are classified in Other non-current assets on our Consolidated Balance Sheets. Distributions from joint ventures are classified as operating or investing activities in the Consolidated Statements of Cash Flows based upon an evaluation of the specific facts and circumstances of each distribution.
Restructuring and Other Exit Costs
We recognize charges for restructuring and other exit costs such as product line exits and facility closures at their fair value when incurred. \u00a0In cases where employees are required to render service until they are terminated in order to receive the termination benefits and will be retained beyond the minimum retention period, we record the expense ratably over the future service period.
During fiscal 2021 and 2020, we incurred severance and furlough-related costs of $9.0 million and $7.1 million, respectively, which were included as a component of Cost of sales and services and Selling, general and administrative on our Consolidated Statements of Income.
1. Summary of Significant Accounting Policies (Continued)
Income Taxes
We are subject to income taxes in the U.S., state, and several foreign jurisdictions. In the ordinary course of business, there can be transactions and calculations where the ultimate tax determination is uncertain. We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns in accordance with applicable accounting guidance for accounting for income taxes, using currently enacted tax rates in effect for the year in which the differences are expected to reverse.
We record a valuation allowance when necessary to reduce deferred tax assets to the amount expected to be realized. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Both positive and negative evidence are considered in forming our judgment as to whether a valuation allowance is appropriate, and more weight is given to evidence that can be objectively verified. Valuation allowances are reassessed whenever there are changes in circumstances that may cause a change in judgment.
The accounting for uncertainty in income taxes requires a more-likely-than-not threshold for financial statement recognition of tax positions taken or expected to be taken in a tax return. Where necessary, we record a liability for the difference between the benefit recognized for financial statement purposes and the tax position taken or expected to be taken on our tax return. To the extent that our assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made.
Supplemental Information on Cash Flows
Supplemental information on cash flows is as follows:
For the Year Ended | |||||||||
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Interest paid | $ | 4.3 | $ | 8.6 | $ | 8.8 | |||
Income taxes paid | \u00a0 | 8.2 | \u00a0 | 14.3 | \u00a0 | 7.0 | |||
Income tax refunds and interest received | \u00a0 | 8.3 | \u00a0 | 7.0 | \u00a0 | 6.4 |
During fiscal 2021, treasury stock decreased $8.6 million reflecting restricted stock activity of $5.6 million and the re-issuance of shares upon exercise of stock options, net of shares withheld to satisfy statutory tax obligations, of $3.0 million.
During fiscal 2020, treasury stock decreased $5.0 million reflecting restricted stock activity of $0.8 million and the re-issuance of shares upon exercise of stock options, net of shares withheld to satisfy statutory tax obligations, of $8.3 million partially offset by the repurchase of common shares of $4.1 million.
During fiscal 2019, treasury stock increased $7.0 million reflecting the repurchase of common shares of $10.3 million, restricted stock activity of $0.8 million partially offset by the re-issuance of shares upon exercise of stock options, net of shares withheld to satisfy statutory tax obligations, of $4.1 million.
Use of Estimates
We have made estimates and utilized certain assumptions relating to the reporting of assets and liabilities and the disclosures of contingent liabilities to prepare these Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States. Actual results could differ from those estimates.
"}]},{"name":"rpt:f-411","factDimensions":{"xbrl:concept":"us-gaap:ConsolidationPolicyTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"Principles of Consolidation
The accompanying Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries after elimination of intercompany accounts and transactions.
Certain reclassifications have been made to the 2020 presentation to conform to the 2021 presentation.
"}]},{"name":"rpt:f-412","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"New Accounting Pronouncements Adopted
In June 2016, the Financial Accounting Standards Board (\u201cFASB\u201d) issued Accounting Standards Update (\u201cASU\u201d) No. 2016-13, Financial Instruments\u2014Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. \u00a0This ASU requires a change in the measurement approach for credit losses on financial assets measured on an amortized cost basis from an incurred loss method to an expected loss method, thereby eliminating the requirement that a credit loss be considered probable to impact the valuation of a financial asset measured on an amortized cost basis. This ASU also requires the measurement of expected credit losses to be based on relevant information about past events, including historical experience, current conditions, and a reasonable and supportable forecast of the collectability of the related financial asset. \u00a0Our adoption of this ASU on June 1, 2020 did not have a material impact on our Consolidated Financial Statements.
In February 2016, the FASB issued ASU No. 2016-02, Leases (\u201cASC 842\u201d), which amended the existing accounting standards for lease accounting. ASC 842 requires lessees to recognize a right-of-use (\u201cROU\u201d) asset and lease liability on the balance sheet for most lease arrangements, including those classified as operating leases. In addition, ASC 842 requires new qualitative and quantitative disclosures about our leasing activities.
We adopted ASC 842 on June 1, 2019 using the modified retrospective transition approach. \u00a0Under that approach, prior periods have not been restated and continue to be reported under the accounting standards in effect for those periods. \u00a0We elected the package of practical expedients, which must be elected as a package and applied consistently to all leases. \u00a0This package permitted us to not reassess our prior conclusions about lease identification, lease classification and initial direct costs. In addition, we elected the practical expedients to not separate lease and non-lease components for both lessee and lessor relationships and to not apply the recognition requirements to leases with terms of less than twelve months.
Upon adoption of ASC 842 on June 1, 2019, we recognized operating lease ROU assets of $123.2 million and operating lease liabilities of $116.8 million on our Consolidated Balance Sheet. These amounts included operating lease ROU assets of $26.6 million and operating lease liabilities of $25.3 million related to our discontinued operations. In addition, we recognized the remaining unamortized deferred gains of $2.5 million, net of tax, associated with sale-leaseback transactions as a cumulative effect adjustment to the opening balance of retained earnings as of June 1, 2019. The adoption of ASC 842 did not have a material impact on the Consolidated Statements of Operations or Cash Flows.
1. Summary of Significant Accounting Policies (Continued)
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (\u201cASC 606\u201d), which provides guidance for revenue recognition. ASC 606 superseded the revenue recognition requirements in Accounting Standards Codification (\u201cASC\u201d) 605, Revenue Recognition, and most industry-specific guidance.
We adopted ASC 606 on June 1, 2018 using the modified retrospective method. \u00a0Under that approach, prior periods were not restated and continue to be reported under the accounting standards in effect for those periods. \u00a0We elected to use the allowing for the application of ASC 606 only to contracts that were not completed as of June 1, 2018. \u00a0We recognized the cumulative effect of initially applying ASC 606 as a decrease of \u00a0$20.4 million to the opening balance of retained earnings as of June 1, 2018.
"}]},{"name":"rpt:f-413","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseRightOfUseAsset","xbrl:period":"2019-06-02T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:CumulativeEffectPeriodOfAdoptionAxis":"srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember","us-gaap:AdjustmentsForNewAccountingPronouncementsAxis":"us-gaap:AccountingStandardsUpdate201602Member","us-gaap:InitialApplicationPeriodCumulativeEffectTransitionAxis":"air:RightOfUseIncludingDiscontinuedOperationsMember"},"factValues":[{"value":"123200000","decimals":-5}]},{"name":"rpt:f-414","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseLiabilityNoncurrent","xbrl:period":"2019-06-02T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:CumulativeEffectPeriodOfAdoptionAxis":"srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember","us-gaap:AdjustmentsForNewAccountingPronouncementsAxis":"us-gaap:AccountingStandardsUpdate201602Member","us-gaap:InitialApplicationPeriodCumulativeEffectTransitionAxis":"air:RightOfUseIncludingDiscontinuedOperationsMember"},"factValues":[{"value":"116800000","decimals":-5}]},{"name":"rpt:f-415","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseRightOfUseAsset","xbrl:period":"2019-06-02T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:CumulativeEffectPeriodOfAdoptionAxis":"srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember","us-gaap:AdjustmentsForNewAccountingPronouncementsAxis":"us-gaap:AccountingStandardsUpdate201602Member","us-gaap:DisposalGroupClassificationAxis":"us-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMember"},"factValues":[{"value":"26600000","decimals":-5}]},{"name":"rpt:f-416","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseLiabilityNoncurrent","xbrl:period":"2019-06-02T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:CumulativeEffectPeriodOfAdoptionAxis":"srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember","us-gaap:AdjustmentsForNewAccountingPronouncementsAxis":"us-gaap:AccountingStandardsUpdate201602Member","us-gaap:DisposalGroupClassificationAxis":"us-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMember"},"factValues":[{"value":"25300000","decimals":-5}]},{"name":"rpt:f-417","factDimensions":{"xbrl:concept":"us-gaap:RetainedEarningsAccumulatedDeficit","xbrl:period":"2019-06-02T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:CumulativeEffectPeriodOfAdoptionAxis":"srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember","us-gaap:AdjustmentsForNewAccountingPronouncementsAxis":"us-gaap:AccountingStandardsUpdate201602Member"},"factValues":[{"value":"2500000","decimals":-5}]},{"name":"rpt:f-418","factDimensions":{"xbrl:concept":"us-gaap:RetainedEarningsAccumulatedDeficit","xbrl:period":"2018-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:AdjustmentsForNewAccountingPronouncementsAxis":"us-gaap:AccountingStandardsUpdate201409Member","us-gaap:InitialApplicationPeriodCumulativeEffectTransitionAxis":"us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member"},"factValues":[{"value":"-20400000","decimals":-5}]},{"name":"rpt:f-419","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerPolicyTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"Revenue Recognition
Revenue is measured based on consideration specified in a contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. \u00a0
Our unit of accounting for revenue recognition is a performance obligation included in our customer contracts. \u00a0A performance obligation reflects the distinct good or service that we must transfer to a customer. \u00a0At contract inception, we evaluate if the contract should be accounted for as a single performance obligation or if the contract contains multiple performance obligations. \u00a0In some cases, our contract with the customer is considered one performance obligation as it includes factors such as whether the good or service being provided is significantly integrated with other promises in the contract, whether the service provided significantly modifies or customizes another good or service or whether the good or service is highly interdependent or interrelated. \u00a0If the contract has more than one performance obligation, we determine the standalone price of each distinct good or service underlying each performance obligation and allocate the transaction price based on their relative standalone selling prices.
The transaction price of a contract, which can include both fixed and variable amounts, is allocated to each performance obligation identified. \u00a0Some contracts contain variable consideration, which could include incremental fees or penalty provisions related to performance. \u00a0Variable consideration that can be reasonably estimated based on current assumptions and historical information is included in the transaction price at the inception of the contract but limited to the amount that is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. \u00a0Variable consideration that cannot be reasonably estimated is recorded when known.
Our performance obligations are satisfied over time as work progresses or at a point in time based on transfer of control of products and services to our customers. \u00a0The majority of our sales from products typically represent distinct performance obligations and are recognized at a point in time upon transfer of control to the customer, which generally occurs upon shipment. \u00a0In connection with certain sales of products, we also provide logistics services, which include inventory management, replenishment, and other related services. \u00a0The price of such services is generally included in the price of the products delivered to the customer, and revenues are recognized upon delivery of the product, at which point the customer has obtained control of the product. \u00a0We do not account for these services separate from the related product sales as the services are inputs required to fulfill part orders received from customers.
For our performance obligations that are satisfied over time, we measure progress in a manner that depicts the performance of transferring control to the customer. As such, we utilize the input method of cost-to-cost to recognize revenue over time as this depicts when control of the promised goods or services are transferred to the customer. \u00a0Revenue is recognized based on the relationship of actual costs incurred to date to the estimated total cost at completion of the performance obligation. \u00a0We are required to make certain judgments and estimates, including estimated revenues and costs, as well as inflation and the overall profitability of the arrangement. \u00a0Key assumptions involved can include customer volume, future labor costs and efficiencies, repair or overhaul costs, overhead costs, and ultimate timing of product delivery. \u00a0Differences may occur between the judgments and estimates made by management and actual program results. \u00a0For contracts that are deemed to be loss contracts, we establish forward loss reserves for total estimated costs that are in excess of total estimated consideration in the period in which they become known.
1. Summary of Significant Accounting Policies (Continued)
When contracts are modified, we consider whether the modification either creates new or changes the existing enforceable rights and obligations. Contract modifications that are for goods or services that are not distinct from the existing contract, due to the significant integration with the original goods or services provided, are accounted for as if they were part of that existing contract with the effect of the contract modification recognized as an adjustment to revenue on a cumulative catch-up basis. When the modifications include additional performance obligations that are distinct, they are accounted for as a new contract and performance obligation, which are recognized prospectively.
Under most of our U.S. government contracts, if the contract is terminated for convenience, we are entitled to payment for items delivered and fair compensation for work performed, the costs of settling and paying other claims, and a reasonable profit on the costs incurred or committed.
We have elected to use certain practical expedients permitted under ASC 606. \u00a0Shipping and handling fees and costs incurred associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in Cost of sales on our Consolidated Statements of Income, and are not considered a performance obligation to our customers. \u00a0Our reported sales on our Consolidated Statements of Income are net of any sales or related non-income taxes. \u00a0We also utilize the \u201cas invoiced\u201d practical expedient in certain cases where performance obligations are satisfied over time and the invoiced amount corresponds directly with the value we are providing to the customer.
Cumulative Catch-up Adjustments
Changes in estimates and assumptions related to our arrangements accounted for using the cost-to-cost method are recorded using the cumulative catch-up method of accounting. These changes are primarily adjustments to the estimated profitability for our long-term programs where we provide component inventory management and/or repair services.
Favorable and unfavorable cumulative catch-up adjustments were as follows:
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Favorable cumulative catch-up adjustments | $ | 16.1 | $ | 6.1 | $ | 8.0 | |||
Unfavorable cumulative catch-up adjustments | \u00a0 | (4.1) | \u00a0 | (2.2) | \u00a0 | (2.1) | |||
Net cumulative catch-up adjustments | $ | 12.0 | $ | 3.9 | $ | 5.9 |
Contract Assets and Liabilities
The timing of revenue recognition, customer billings, and cash collections results in a contract asset or contract liability at the end of each reporting period. When an unconditional right to consideration exists, we record an unbilled receivable. When amounts are dependent on factors other than the passage of time in order for payment from a customer to be due, we record a contract asset which consists of costs incurred where revenue recognized over time using the cost-to-cost model exceeds the amounts billed to customers. Contract liabilities include advance payments and billings in excess of revenue recognized. Certain customers make advance payments prior to the satisfaction of our performance obligations on the contract. These amounts are recorded as contract liabilities until such performance obligations are satisfied, either over time as costs are incurred or at a point in time when deliveries are made. Contract assets and contract liabilities are determined on a contract-by-contract basis.
1. Summary of Significant Accounting Policies (Continued)
Net contract assets and liabilities are as follows:
May\u00a031,\u00a0 | \u00a0\u00a0\u00a0\u00a0 | ||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | Change | ||||
Contract assets \u2013 current | $ | 71.9 | $ | 49.3 | $ | 22.6 | |||
Contract assets \u2013 non-current | \u00a0 | 21.6 | \u00a0 | 22.4 | \u00a0 | (0.8) | |||
Contract liabilities \u2013 current | \u00a0 | (25.9) | \u00a0 | (11.2) | \u00a0 | (14.7) | |||
Deferred revenue on long-term contracts | \u00a0 | (5.4) | \u00a0 | (88.0) | \u00a0 | 82.6 | |||
Net contract assets (liabilities) | $ | 62.2 | $ | (27.5) | $ | 89.7 |
Contract assets \u2013 non-current is reported within Other non-current assets, and Contract liabilities \u2013 current is reported within Accrued Liabilities on our Consolidated Balance Sheet. \u00a0Changes in contract assets and contract liabilities primarily result from the timing difference between our performance of services and payments from customers.
During the fiscal 2021 and 2020, we terminated or restructured certain commercial power-by-the-hour (\u201cPBH\u201d) customer contracts resulting in charges of $5.7 million and $31.3 million, respectively. \u00a0Some of these contracts were deemed loss contracts requiring the establishment of forward loss reserves for the total estimated costs that are in excess of the total estimated consideration over the remainder of the contracts.
As of May 31, 2021, our Consolidated Balance Sheet included remaining forward loss reserves of $3.0 million with $2.8 million classified as current in Accrued liabilities and $0.2 million classified as long-term in Other liabilities.
One of our PBH customers notified us in June 2021 that the contract would be terminating earlier than originally anticipated. In conjunction with the early termination, we expect to recognize contract asset and rotable asset impairment charges of $5.0 to $10.0 million in the first quarter of fiscal 2022.
To support our PBH customer contracts, we previously entered into an agreement with a component repair facility to outsource a portion of the component repair and overhaul services. \u00a0The agreement included certain minimum repair volume guarantees which we have not met due to the impact of COVID-19 on commercial passenger aircraft flight hours. \u00a0During fiscal 2021, we recognized a $4.5 million charge to reflect our estimated obligation over the remainder of the agreement for not achieving the minimum volume guarantees. As of May 31, 2021, our Consolidated Balance Sheet included remaining loss reserves of $2.9 million with $1.5 million classified as current in Accrued liabilities and $1.4 million classified as long-term in Other liabilities.
Changes in our deferred revenue were as follows:
Year ended May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
Deferred revenue at beginning of period | $ | $ | (96.4) | |||
Revenue deferred | \u00a0 | (251.4) | \u00a0 | (417.2) | ||
Revenue recognized | \u00a0 | 318.2 | \u00a0 | 410.5 | ||
Other | \u00a0 | 1.1 | \u00a0 | 3.9 | ||
Deferred revenue at end of period | $ | (31.3) | $ | (99.2) |
1. Summary of Significant Accounting Policies (Continued)
Remaining Performance Obligations
As of May 31, 2021, we had approximately $750 million of remaining performance obligations, also referred to as firm backlog, which excludes unexercised contract options and potential orders under our indefinite-delivery, indefinite-quantity contracts. We expect that approximately 40% of this backlog will be recognized as revenue over the next 12 months, with approximately 45% of the remaining balance recognized over the next three years. \u00a0The amount of remaining performance obligations, which is expected to be recognized as revenue beyond 12 months, primarily relates to our long-term, PBH programs where we provide component inventory management and/or repair services.
"}]},{"name":"rpt:f-420","factDimensions":{"xbrl:concept":"air:ScheduleOfFavorableAndUnfavorableCumulativeCatchUpAdjustmentsTableTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Favorable cumulative catch-up adjustments | $ | 16.1 | $ | 6.1 | $ | 8.0 | |||
Unfavorable cumulative catch-up adjustments | \u00a0 | (4.1) | \u00a0 | (2.2) | \u00a0 | (2.1) | |||
Net cumulative catch-up adjustments | $ | 12.0 | $ | 3.9 | $ | 5.9 |
May\u00a031,\u00a0 | \u00a0\u00a0\u00a0\u00a0 | ||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | Change | ||||
Contract assets \u2013 current | $ | 71.9 | $ | 49.3 | $ | 22.6 | |||
Contract assets \u2013 non-current | \u00a0 | 21.6 | \u00a0 | 22.4 | \u00a0 | (0.8) | |||
Contract liabilities \u2013 current | \u00a0 | (25.9) | \u00a0 | (11.2) | \u00a0 | (14.7) | |||
Deferred revenue on long-term contracts | \u00a0 | (5.4) | \u00a0 | (88.0) | \u00a0 | 82.6 | |||
Net contract assets (liabilities) | $ | 62.2 | $ | (27.5) | $ | 89.7 |
Year ended May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
Deferred revenue at beginning of period | $ | $ | (96.4) | |||
Revenue deferred | \u00a0 | (251.4) | \u00a0 | (417.2) | ||
Revenue recognized | \u00a0 | 318.2 | \u00a0 | 410.5 | ||
Other | \u00a0 | 1.1 | \u00a0 | 3.9 | ||
Deferred revenue at end of period | $ | (31.3) | $ | (99.2) |
Financial Instruments and Concentrations of Market or Credit Risk
Financial instruments that potentially subject us to concentrations of market or credit risk consist principally of trade receivables. \u00a0While our trade receivables are diverse and represent a number of entities and geographic regions, the majority are with the U.S. government and its contractors and entities in the aviation industry. \u00a0The composition of our accounts receivable is as follows:
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
U.S. Government contracts: | ||||||
Trade receivables | $ | 24.1 | $ | 33.9 | ||
Unbilled receivables | \u00a0 | 25.2 | \u00a0 | 27.4 | ||
\u00a0 | 49.3 | \u00a0 | 61.3 | |||
All other customers: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||
Trade receivables | \u00a0 | 104.9 | \u00a0 | 81.7 | ||
Unbilled receivables | \u00a0 | 12.5 | \u00a0 | 28.9 | ||
\u00a0 | 117.4 | \u00a0 | 110.6 | |||
$ | 166.7 | $ | 171.9 |
In addition, we currently have past due accounts receivable owed by former commercial program customers primarily related to our exit from customer contracts in certain geographies, including Colombia, Peru, and Spain. \u00a0Our past due accounts receivable owed by these customers was $4.7 million as of May 31, 2021 which was net of allowance for doubtful accounts of $8.8 million.
The carrying amounts of cash and cash equivalents, accounts receivable, and accounts and trade notes payable approximate fair value because of the short-term maturity of these instruments. \u00a0The carrying value of long-term debt bearing a variable interest rate approximates fair value.
Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. \u00a0These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. \u00a0Changes in assumptions could significantly affect the estimates.
"}]},{"name":"rpt:f-473","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
U.S. Government contracts: | ||||||
Trade receivables | $ | 24.1 | $ | 33.9 | ||
Unbilled receivables | \u00a0 | 25.2 | \u00a0 | 27.4 | ||
\u00a0 | 49.3 | \u00a0 | 61.3 | |||
All other customers: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||
Trade receivables | \u00a0 | 104.9 | \u00a0 | 81.7 | ||
Unbilled receivables | \u00a0 | 12.5 | \u00a0 | 28.9 | ||
\u00a0 | 117.4 | \u00a0 | 110.6 | |||
$ | 166.7 | $ | 171.9 |
Allowance for Doubtful Accounts
We maintain an allowance for doubtful accounts to reflect the expected uncollectibility of accounts receivable based on past collection history and specific risks identified among uncollected accounts. In determining the required allowance, we consider factors such as general and industry-specific economic conditions, customer credit history, and our customers\u2019 current and expected future financial performance. The majority of our customers are recurring customers with an established payment history. Certain customers are required to undergo an extensive credit check prior to delivery of products or services.
1. Summary of Significant Accounting Policies (Continued)
Our allowance for doubtful accounts also includes reserves for estimated product returns based on historical return rates. The reserve for estimated product returns is recognized as a reduction to sales with a corresponding reduction to cost of sales for the estimated cost of inventory that is expected to be returned.
We perform regular evaluations of customer payment experience, current financial condition, and risk analysis. We may require collateral in the form of security interests in assets, letters of credit, and/or obligation guarantees from financial institutions for transactions executed on other than normal trade terms. We also maintain trade credit insurance for certain customers to provide coverage, up to a certain limit, in the event of insolvency of some customers.
In fiscal 2019, we recognized a provision for doubtful accounts of $12.4 million related to the bankruptcy of a European airline customer. \u00a0The provision consisted of impairment of non-current contract assets of $7.6 million, allowance for doubtful accounts of $3.3 million, and other liabilities of $1.5 million.
The change in our allowance for doubtful accounts was as follows:
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Balance, beginning of year | $ | $ | 16.0 | $ | 7.5 | ||||
Provision charged to operations | \u00a0 | 8.5 | \u00a0 | 5.4 | \u00a0 | 15.8 | |||
Recoveries, deductions for accounts written off and other reclassifications | \u00a0 | (14.2) | \u00a0 | 0.7 | \u00a0 | (7.3) | |||
Balance, end of year | $ | 16.4 | $ | 22.1 | $ | 16.0 |
"}]},{"name":"rpt:f-491","factDimensions":{"xbrl:concept":"us-gaap:ProvisionForDoubtfulAccounts","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:MajorCustomersAxis":"air:EuropeanAirlineCustomerMember"},"factValues":[{"value":"12400000","decimals":-5}]},{"name":"rpt:f-492","factDimensions":{"xbrl:concept":"air:ImpairmentOfNonCurrentContractAssets","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:MajorCustomersAxis":"air:EuropeanAirlineCustomerMember"},"factValues":[{"value":"7600000","decimals":-5}]},{"name":"rpt:f-493","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivable","xbrl:period":"2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:MajorCustomersAxis":"air:EuropeanAirlineCustomerMember"},"factValues":[{"value":"3300000","decimals":-5}]},{"name":"rpt:f-494","factDimensions":{"xbrl:concept":"us-gaap:OtherLiabilities","xbrl:period":"2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:MajorCustomersAxis":"air:EuropeanAirlineCustomerMember"},"factValues":[{"value":"1500000","decimals":-5}]},{"name":"rpt:f-495","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
The change in our allowance for doubtful accounts was as follows:
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Balance, beginning of year | $ | $ | 16.0 | $ | 7.5 | ||||
Provision charged to operations | \u00a0 | 8.5 | \u00a0 | 5.4 | \u00a0 | 15.8 | |||
Recoveries, deductions for accounts written off and other reclassifications | \u00a0 | (14.2) | \u00a0 | 0.7 | \u00a0 | (7.3) | |||
Balance, end of year | $ | 16.4 | $ | 22.1 | $ | 16.0 |
"}]},{"name":"rpt:f-496","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivable","xbrl:period":"2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"16000000.0","decimals":-5}]},{"name":"rpt:f-497","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivable","xbrl:period":"2018-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"7500000","decimals":-5}]},{"name":"rpt:f-498","factDimensions":{"xbrl:concept":"us-gaap:ProvisionForDoubtfulAccounts","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"8500000","decimals":-5}]},{"name":"rpt:f-499","factDimensions":{"xbrl:concept":"us-gaap:ProvisionForDoubtfulAccounts","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5400000","decimals":-5}]},{"name":"rpt:f-500","factDimensions":{"xbrl:concept":"us-gaap:ProvisionForDoubtfulAccounts","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"15800000","decimals":-5}]},{"name":"rpt:f-501","factDimensions":{"xbrl:concept":"air:ValuationAllowancesAndReservesRecoveriesDeductionsAndOtherReclassifications","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-14200000","decimals":-5}]},{"name":"rpt:f-502","factDimensions":{"xbrl:concept":"air:ValuationAllowancesAndReservesRecoveriesDeductionsAndOtherReclassifications","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"700000","decimals":-5}]},{"name":"rpt:f-503","factDimensions":{"xbrl:concept":"air:ValuationAllowancesAndReservesRecoveriesDeductionsAndOtherReclassifications","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-7300000","decimals":-5}]},{"name":"rpt:f-504","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivable","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"16400000","decimals":-5}]},{"name":"rpt:f-505","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivable","xbrl:period":"2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"22100000","decimals":-5}]},{"name":"rpt:f-506","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivable","xbrl:period":"2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"16000000.0","decimals":-5}]},{"name":"rpt:f-507","factDimensions":{"xbrl:concept":"us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
Goodwill and Other Intangible Assets
In accordance with ASC 350, Intangibles\u2013Goodwill and Other, goodwill and other intangible assets deemed to have indefinite lives are not amortized, but are subject to annual impairment tests. We review and evaluate our goodwill and indefinite life intangible assets for potential impairment at a minimum annually, on May\u00a031, or more frequently if circumstances indicate that impairment is possible.
As of May 31, 2021, we had three reporting units, which included two in our Aviation Services segment (Aviation Supply Chain and Maintenance, Repair, and Overhaul) and one comprised of our Expeditionary Services segment. We utilized the qualitative assessment approach for all reporting units which considers general economic conditions, industry specific performance, changes in reporting unit carrying values, and assumptions used in the most recent fair value calculation. We concluded it was more likely than not that the fair value of each reporting unit exceeded its carrying value at May 31, 2021, and thus no impairment charges were recorded.
In fiscal 2020, we elected to forego the qualitative assessment due to the unprecedented impact of the COVID-19 pandemic and utilized a quantitative assessment approach for all reporting units. We estimated the fair value of each reporting unit using primarily an income approach based on discounted cash flows. The assumptions we used to estimate the fair value of our reporting units were based on historical performance, as well as forecasts used in our business plan and required considerable management judgment in light of the impact of COVID-19. We used discount rates based on our consolidated weighted average cost of capital which is adjusted for each of our reporting units based on their specific risk, size, and industry characteristics. The fair value measurements used for our goodwill impairment testing use significant unobservable inputs, which reflected our own assumptions about the inputs that market participants would use in measuring fair value. The fair value of our reporting units is also impacted by our overall market capitalization and may be impacted by volatility in our stock price and assumed control premium, among other items. We concluded the fair value of each reporting unit exceeded its carrying values as of May 31, 2020, and thus no impairment charges were recorded.
1. Summary of Significant Accounting Policies (Continued)
Changes in the carrying amount of goodwill by segment for fiscal 2021 and 2020 are as follows:
Aviation | Expeditionary | ||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0Services | \u00a0\u00a0\u00a0\u00a0 | \u00a0Services | \u00a0\u00a0\u00a0\u00a0 | Total | ||||
Balance as of May\u00a031,\u00a02019 | $ | 96.9 | $ | 19.3 | $ | 116.2 | |||
Foreign currency translation adjustments | \u00a0 | (0.5) | \u2014 | (0.5) | |||||
Balance as of May\u00a031,\u00a02020 | \u00a0 | 96.4 | \u00a0 | 19.3 | \u00a0 | 115.7 | |||
Sale of Composites | \u2014 | (0.5) | (0.5) | ||||||
Foreign currency translation adjustments | 4.1 | \u2014 | 4.1 | ||||||
Balance as of May\u00a031,\u00a02021 | $ | 100.5 | $ | 18.8 | $ | 119.3 |
Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives. Intangible assets, other than goodwill, are comprised of the following:
May\u00a031,\u00a02021 | |||||||||
Accumulated | |||||||||
Amortizable\u00a0intangible\u00a0assets:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Gross | \u00a0\u00a0\u00a0\u00a0 | Amortization | \u00a0\u00a0\u00a0\u00a0 | Net | |||
Customer relationships | $ | 23.0 | $ | (19.7) | $ | 3.3 | |||
Unamortized intangible assets: | |||||||||
Trademarks | \u00a0 | 1.2 | \u00a0 | \u2014 | \u00a0 | 1.2 | |||
$ | 24.2 | $ | (19.7) | $ | 4.5 |
May\u00a031,\u00a02020 | |||||||||
Accumulated | |||||||||
Amortizable\u00a0intangible\u00a0assets:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Gross | \u00a0\u00a0\u00a0\u00a0 | Amortization | \u00a0\u00a0\u00a0\u00a0 | Net | |||
Customer relationships | $ | 21.4 | $ | (16.5) | $ | 4.9 | |||
Unamortized intangible assets: | |||||||||
Trademarks | \u00a0 | 1.1 | \u00a0 | \u2014 | \u00a0 | 1.1 | |||
$ | 22.5 | $ | (16.5) | $ | 6.0 |
In conjunction with the adoption of ASC 842 on June 1, 2019, our net intangible asset for lease agreements of $8.5 million was re-classified to the ROU asset. During fiscal 2020, we recognized an impairment charge of $5.4 million related to the exit of certain product lines across both our Aviation Services and Expeditionary Services segments.
Customer relationships are being amortized over 5-20\u00a0years. Amortization expense recorded during fiscal 2021, 2020 and 2019 was \u00a0$1.8\u00a0million, $2.3\u00a0million, and $3.9\u00a0million, respectively. The estimated aggregate amount of amortization expense for intangible assets in each of the next five fiscal years is $1.1\u00a0million in 2022, $0.5\u00a0million in 2023, $0.3 million in 2024, $0.3 million in 2025 and $0.3 million in 2026.
"}]},{"name":"rpt:f-508","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportingUnits","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"air:item"},"factValues":[{"value":"3"}]},{"name":"rpt:f-509","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportingUnits","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"air:item","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"2"}]},{"name":"rpt:f-510","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportingUnits","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"air:item","us-gaap:StatementBusinessSegmentsAxis":"air:ExpeditionaryServicesMember"},"factValues":[{"value":"1"}]},{"name":"rpt:f-511","factDimensions":{"xbrl:concept":"us-gaap:GoodwillImpairmentLoss","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":-5}]},{"name":"rpt:f-512","factDimensions":{"xbrl:concept":"us-gaap:GoodwillImpairmentLoss","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":-5}]},{"name":"rpt:f-513","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfGoodwillTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"Aviation | Expeditionary | ||||||||
\u00a0\u00a0\u00a0\u00a0 | \u00a0Services | \u00a0\u00a0\u00a0\u00a0 | \u00a0Services | \u00a0\u00a0\u00a0\u00a0 | Total | ||||
Balance as of May\u00a031,\u00a02019 | $ | 96.9 | $ | 19.3 | $ | 116.2 | |||
Foreign currency translation adjustments | \u00a0 | (0.5) | \u2014 | (0.5) | |||||
Balance as of May\u00a031,\u00a02020 | \u00a0 | 96.4 | \u00a0 | 19.3 | \u00a0 | 115.7 | |||
Sale of Composites | \u2014 | (0.5) | (0.5) | ||||||
Foreign currency translation adjustments | 4.1 | \u2014 | 4.1 | ||||||
Balance as of May\u00a031,\u00a02021 | $ | 100.5 | $ | 18.8 | $ | 119.3 |
"}]},{"name":"rpt:f-514","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"96900000","decimals":-5}]},{"name":"rpt:f-515","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:StatementBusinessSegmentsAxis":"air:ExpeditionaryServicesMember"},"factValues":[{"value":"19300000","decimals":-5}]},{"name":"rpt:f-516","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"116200000","decimals":-5}]},{"name":"rpt:f-517","factDimensions":{"xbrl:concept":"us-gaap:GoodwillForeignCurrencyTranslationGainLoss","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"-500000","decimals":-5}]},{"name":"rpt:f-518","factDimensions":{"xbrl:concept":"us-gaap:GoodwillForeignCurrencyTranslationGainLoss","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-500000","decimals":-5}]},{"name":"rpt:f-519","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"96400000","decimals":-5}]},{"name":"rpt:f-520","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:StatementBusinessSegmentsAxis":"air:ExpeditionaryServicesMember"},"factValues":[{"value":"19300000","decimals":-5}]},{"name":"rpt:f-521","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"115700000","decimals":-5}]},{"name":"rpt:f-522","factDimensions":{"xbrl:concept":"us-gaap:GoodwillWrittenOffRelatedToSaleOfBusinessUnit","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:StatementBusinessSegmentsAxis":"air:ExpeditionaryServicesMember"},"factValues":[{"value":"500000","decimals":-5}]},{"name":"rpt:f-523","factDimensions":{"xbrl:concept":"us-gaap:GoodwillWrittenOffRelatedToSaleOfBusinessUnit","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"500000","decimals":-5}]},{"name":"rpt:f-524","factDimensions":{"xbrl:concept":"us-gaap:GoodwillForeignCurrencyTranslationGainLoss","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"4100000","decimals":-5}]},{"name":"rpt:f-525","factDimensions":{"xbrl:concept":"us-gaap:GoodwillForeignCurrencyTranslationGainLoss","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4100000","decimals":-5}]},{"name":"rpt:f-526","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:StatementBusinessSegmentsAxis":"air:AviationServicesMember"},"factValues":[{"value":"100500000","decimals":-5}]},{"name":"rpt:f-527","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:StatementBusinessSegmentsAxis":"air:ExpeditionaryServicesMember"},"factValues":[{"value":"18800000","decimals":-5}]},{"name":"rpt:f-528","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"119300000","decimals":-5}]},{"name":"rpt:f-529","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
May\u00a031,\u00a02021 | |||||||||
Accumulated | |||||||||
Amortizable\u00a0intangible\u00a0assets:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Gross | \u00a0\u00a0\u00a0\u00a0 | Amortization | \u00a0\u00a0\u00a0\u00a0 | Net | |||
Customer relationships | $ | 23.0 | $ | (19.7) | $ | 3.3 | |||
Unamortized intangible assets: | |||||||||
Trademarks | \u00a0 | 1.2 | \u00a0 | \u2014 | \u00a0 | 1.2 | |||
$ | 24.2 | $ | (19.7) | $ | 4.5 |
May\u00a031,\u00a02020 | |||||||||
Accumulated | |||||||||
Amortizable\u00a0intangible\u00a0assets:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Gross | \u00a0\u00a0\u00a0\u00a0 | Amortization | \u00a0\u00a0\u00a0\u00a0 | Net | |||
Customer relationships | $ | 21.4 | $ | (16.5) | $ | 4.9 | |||
Unamortized intangible assets: | |||||||||
Trademarks | \u00a0 | 1.1 | \u00a0 | \u2014 | \u00a0 | 1.1 | |||
$ | 22.5 | $ | (16.5) | $ | 6.0 |
Foreign Currency
Our foreign subsidiaries utilize the local currency as their functional currency. All balance sheet accounts of foreign subsidiaries transacting business in currencies other than the U.S. dollar are translated at year-end exchange rates. Revenues and expenses are translated at average exchange rates during the year. Translation adjustments are excluded from the results of operations and are recorded in stockholders\u2019 equity as a component of accumulated other comprehensive loss until such subsidiaries are liquidated.
"}]},{"name":"rpt:f-559","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsPolicyTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"Cash
Cash and cash equivalents consist of highly liquid instruments which have original maturities of three months or less when purchased. Restricted cash represents cash on hand required to be set aside by a contractual agreement related to receivable securitization arrangements. Generally, the restrictions related to the receivable securitization arrangements lapse at the time we remit the customer payments collected by us as servicer of previously sold customer receivables to the purchaser.
"}]},{"name":"rpt:f-560","factDimensions":{"xbrl:concept":"us-gaap:InventoryPolicyTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"Inventories
Inventories are valued at the lower of cost or market (estimated net realizable value). Cost is determined by the specific identification, average cost, or first-in, first-out methods. From time-to-time, we purchase aircraft and engines for disassembly to individual parts and components. Costs are assigned to these individual parts and components utilizing list prices from original equipment manufacturers and recent sales history. Expenditures for the repair of parts and components are capitalized as inventory.
The following is a summary of inventories:
May\u00a031,\u00a0 | \u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0 | |||
Aircraft and engine parts, components and finished goods | $ | 468.4 | $ | 556.6 | |||
Raw materials and parts | 53.0 | 45.9 | |||||
Work-in-process | \u00a0 | 19.2 | \u00a0 | 20.6 | |||
$ | 540.6 | $ | 623.1 |
"}]},{"name":"rpt:f-561","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfInventoryCurrentTableTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
May\u00a031,\u00a0 | \u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0 | |||
Aircraft and engine parts, components and finished goods | $ | 468.4 | $ | 556.6 | |||
Raw materials and parts | 53.0 | 45.9 | |||||
Work-in-process | \u00a0 | 19.2 | \u00a0 | 20.6 | |||
$ | 540.6 | $ | 623.1 |
Rotable Assets and Equipment under Leases
The cost of the asset under lease is the original purchase price plus overhaul costs. Depreciation is computed using the straight-line method over the estimated service life of the equipment. The balance sheet classification of equipment under lease is generally based on lease term, with fixed-term leases less than twelve months generally classified as short-term and all others generally classified as long-term.
Equipment on short-term lease includes aircraft engines and parts on or available for lease to satisfy customers\u2019 immediate short-term requirements. The leases are renewable with fixed terms, which generally vary from to twelve months.
"}]},{"name":"rpt:f-571","factDimensions":{"xbrl:concept":"air:PeriodOfShortTermOperatingLeases","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P12M"}]},{"name":"rpt:f-572","factDimensions":{"xbrl:concept":"air:PropertyPlantAndEquipmentAndOtherNonCurrentAssetsPolicyPolicyTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
Property, Plant and Equipment and Other Non-Current Assets
We record property, plant and equipment at cost. Depreciation is computed on the straight-line method over useful lives of 10-40\u00a0years for buildings and improvements and 3-10 years for equipment, and , and . Leasehold improvements are amortized over the shorter of the estimated useful life or the term of the applicable lease.
Repair and maintenance expenditures are expensed as incurred. Upon sale or disposal, cost and accumulated depreciation are removed from the accounts, and related gains and losses are included in results of operations.
Rotable assets supporting long-term programs consist of rotable component parts used to support long-term supply chain programs. The assets are being depreciated on a straight-line basis over their estimated useful lives.
1. Summary of Significant Accounting Policies (Continued)
In accordance with ASC 360, Property, Plant and Equipment, we are required to test for impairment of long-lived assets whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable from its undiscounted cash flows. \u00a0We utilize certain assumptions to estimate future undiscounted cash flows, including demand for our services, future market conditions and trends, business development pipeline of opportunities, current and future lease rates, lease terms, and residual values.
In our Aviation Services segment, we evaluated future cash flows related to certain rotable assets supporting long-term programs in light of declines in commercial airline volumes and commercial program contract terminations \u00a0We recognized asset impairment charges of $5.8 million related to these rotable assets in fiscal 2021. \u00a0In our Expeditionary Services segment, we consolidated manufacturing facilities and recognized impairment and related charges of $2.6 million during fiscal 2021.
In conjunction with the decision to exit certain product lines, we recognized rotable asset impairment charges of $1.9 million in fiscal 2020 in conjunction with reclassifying the rotable assets as inventory held for sale. \u00a0In fiscal 2021, we recognized additional impairment charges of $1.4 million on these assets.
Future rent due to us under non-cancelable leases during each of the next five fiscal years is $21.0 million in 2022, $21.7 million in 2023, $21.1 million in 2024, $21.1 million in 2025, and $19.1 million in 2026.
"}]},{"name":"rpt:f-573","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentUsefulLife","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","srt:RangeAxis":"srt:MinimumMember","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:BuildingAndBuildingImprovementsMember"},"factValues":[{"value":"P10Y"}]},{"name":"rpt:f-574","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentUsefulLife","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","srt:RangeAxis":"srt:MaximumMember","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:BuildingAndBuildingImprovementsMember"},"factValues":[{"value":"P40Y"}]},{"name":"rpt:f-575","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentUsefulLife","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","srt:RangeAxis":"srt:MinimumMember","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:EquipmentMember"},"factValues":[{"value":"P3Y"}]},{"name":"rpt:f-576","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentUsefulLife","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","srt:RangeAxis":"srt:MaximumMember","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:EquipmentMember"},"factValues":[{"value":"P10Y"}]},{"name":"rpt:f-577","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"sic:Z3720"},"factValues":[{"value":"5800000","decimals":-5}]},{"name":"rpt:f-578","factDimensions":{"xbrl:concept":"air:ImpairmentAndOtherRelatedCharges","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:ManufacturingFacilityMember"},"factValues":[{"value":"2600000","decimals":-5}]},{"name":"rpt:f-579","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"sic:Z3720"},"factValues":[{"value":"1900000","decimals":-5}]},{"name":"rpt:f-580","factDimensions":{"xbrl:concept":"air:AdditionalImpairmentChargesOnRotableAssets","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"sic:Z3720"},"factValues":[{"value":"1400000","decimals":-5}]},{"name":"rpt:f-581","factDimensions":{"xbrl:concept":"us-gaap:LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"21000000.0","decimals":-5}]},{"name":"rpt:f-582","factDimensions":{"xbrl:concept":"us-gaap:LessorOperatingLeasePaymentsToBeReceivedTwoYears","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"21700000","decimals":-5}]},{"name":"rpt:f-583","factDimensions":{"xbrl:concept":"us-gaap:LessorOperatingLeasePaymentsToBeReceivedThreeYears","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"21100000","decimals":-5}]},{"name":"rpt:f-584","factDimensions":{"xbrl:concept":"us-gaap:LessorOperatingLeasePaymentsToBeReceivedFourYears","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"21100000","decimals":-5}]},{"name":"rpt:f-585","factDimensions":{"xbrl:concept":"us-gaap:LessorOperatingLeasePaymentsToBeReceivedFiveYears","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"19100000","decimals":-5}]},{"name":"rpt:f-586","factDimensions":{"xbrl:concept":"us-gaap:InvestmentPolicyTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"Investments
Investments where we have the ability to exercise significant influence, but do not control the entity, are accounted for under the equity method of accounting. \u00a0Significant influence generally exists if we have a 20% to 50% ownership interest in the investee. Our share of the net earnings or loss of our investees is included in operating income on our Consolidated Statements of Income since the activities of the investees are closely aligned with our operations. Equity investments in entities over which we do not have the ability to exercise significant influence and whose securities do not have a readily determinable fair value are carried at cost less impairment, if any, adjusted for changes resulting from qualifying observable price changes.
We evaluate our investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an investment is determined to be other than temporary, a loss is recorded in earnings in the current period.
Our investments are classified in Other non-current assets on our Consolidated Balance Sheets. Distributions from joint ventures are classified as operating or investing activities in the Consolidated Statements of Cash Flows based upon an evaluation of the specific facts and circumstances of each distribution.
"}]},{"name":"rpt:f-587","factDimensions":{"xbrl:concept":"us-gaap:CostsAssociatedWithExitOrDisposalActivitiesOrRestructuringsPolicyTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"Restructuring and Other Exit Costs
We recognize charges for restructuring and other exit costs such as product line exits and facility closures at their fair value when incurred. \u00a0In cases where employees are required to render service until they are terminated in order to receive the termination benefits and will be retained beyond the minimum retention period, we record the expense ratably over the future service period.
During fiscal 2021 and 2020, we incurred severance and furlough-related costs of $9.0 million and $7.1 million, respectively, which were included as a component of Cost of sales and services and Selling, general and administrative on our Consolidated Statements of Income.
"}]},{"name":"rpt:f-588","factDimensions":{"xbrl:concept":"us-gaap:SeveranceCosts1","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementLocationAxis":"air:CostOfSalesAndServicesSellingGeneralAndAdministrativeMember"},"factValues":[{"value":"9000000.0","decimals":-5}]},{"name":"rpt:f-589","factDimensions":{"xbrl:concept":"us-gaap:SeveranceCosts1","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementLocationAxis":"air:CostOfSalesAndServicesSellingGeneralAndAdministrativeMember"},"factValues":[{"value":"7100000","decimals":-5}]},{"name":"rpt:f-590","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxPolicyTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"Income Taxes
We are subject to income taxes in the U.S., state, and several foreign jurisdictions. In the ordinary course of business, there can be transactions and calculations where the ultimate tax determination is uncertain. We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns in accordance with applicable accounting guidance for accounting for income taxes, using currently enacted tax rates in effect for the year in which the differences are expected to reverse.
We record a valuation allowance when necessary to reduce deferred tax assets to the amount expected to be realized. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Both positive and negative evidence are considered in forming our judgment as to whether a valuation allowance is appropriate, and more weight is given to evidence that can be objectively verified. Valuation allowances are reassessed whenever there are changes in circumstances that may cause a change in judgment.
The accounting for uncertainty in income taxes requires a more-likely-than-not threshold for financial statement recognition of tax positions taken or expected to be taken in a tax return. Where necessary, we record a liability for the difference between the benefit recognized for financial statement purposes and the tax position taken or expected to be taken on our tax return. To the extent that our assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made.
"}]},{"name":"rpt:f-591","factDimensions":{"xbrl:concept":"air:SupplementalInformationOnCashFlowsPolicyTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"Supplemental Information on Cash Flows
Supplemental information on cash flows is as follows:
For the Year Ended | |||||||||
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Interest paid | $ | 4.3 | $ | 8.6 | $ | 8.8 | |||
Income taxes paid | \u00a0 | 8.2 | \u00a0 | 14.3 | \u00a0 | 7.0 | |||
Income tax refunds and interest received | \u00a0 | 8.3 | \u00a0 | 7.0 | \u00a0 | 6.4 |
During fiscal 2021, treasury stock decreased $8.6 million reflecting restricted stock activity of $5.6 million and the re-issuance of shares upon exercise of stock options, net of shares withheld to satisfy statutory tax obligations, of $3.0 million.
During fiscal 2020, treasury stock decreased $5.0 million reflecting restricted stock activity of $0.8 million and the re-issuance of shares upon exercise of stock options, net of shares withheld to satisfy statutory tax obligations, of $8.3 million partially offset by the repurchase of common shares of $4.1 million.
During fiscal 2019, treasury stock increased $7.0 million reflecting the repurchase of common shares of $10.3 million, restricted stock activity of $0.8 million partially offset by the re-issuance of shares upon exercise of stock options, net of shares withheld to satisfy statutory tax obligations, of $4.1 million.
"}]},{"name":"rpt:f-592","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"For the Year Ended | |||||||||
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Interest paid | $ | 4.3 | $ | 8.6 | $ | 8.8 | |||
Income taxes paid | \u00a0 | 8.2 | \u00a0 | 14.3 | \u00a0 | 7.0 | |||
Income tax refunds and interest received | \u00a0 | 8.3 | \u00a0 | 7.0 | \u00a0 | 6.4 |
Use of Estimates
We have made estimates and utilized certain assumptions relating to the reporting of assets and liabilities and the disclosures of contingent liabilities to prepare these Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States. Actual results could differ from those estimates.
"}]},{"name":"rpt:f-614","factDimensions":{"xbrl:concept":"us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:DisposalGroupClassificationAxis":"us-gaap:DiscontinuedOperationsDisposedOfBySaleMember","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"air:ContractorOwnedContractorOperatedMember"},"factValues":[{"value":"2. \u00a0Discontinued Operations
During the third quarter of fiscal 2018, we decided to pursue the sale of our Contractor-Owned, Contractor-Operated (\u201cCOCO\u201d) business previously included in our Expeditionary Services segment. Due to this strategic shift, the assets, liabilities, and results of operations of our COCO business have been reported as discontinued operations for all periods presented. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate to our continuing operations.
In the fourth quarter of fiscal 2020, we completed the sale of the last operating contract of the COCO business shortly after government approval. Our continuing involvement in the COCO business is limited to the lease of certain aircraft which is an obligation of the acquirer of this contract. The assets and liabilities of our discontinued operations are primarily comprised of right-of-use assets, lease-related liabilities and reserves for certain legal proceedings which are discussed in Note 15.
"}]},{"name":"rpt:f-615","factDimensions":{"xbrl:concept":"air:SaleOfReceivablesTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
3. \u00a0Sale of Receivables
On February 23, 2018, we entered into a Purchase Agreement with Citibank N.A. (\u201cPurchaser\u201d) for the sale, from time to time, of certain accounts receivable due from certain customers (the \u201cPurchase Agreement\u201d). \u00a0Under the Purchase Agreement, the maximum amount of receivables sold is limited to $150 million and Purchaser may, but is not required to, purchase the eligible receivables we offer to sell. \u00a0The term of the Purchase Agreement runs through February 22, 2022, however, the Purchase Agreement may also be terminated earlier under certain circumstances. \u00a0The term of the Purchase Agreement shall be automatically extended for annual terms unless either party provides advance notice that they do not intend to extend the term.
We have no retained interests in the sold receivables, other than limited recourse obligations in certain circumstances, and only perform collection and administrative functions for the Purchaser. \u00a0We account for these receivable transfers as sales under ASC 860, Transfers and Servicing, and de-recognize the sold receivables from our Consolidated Balance Sheet.
Receivables sold under the Purchase Agreement during fiscal 2021, 2020, and 2019 were $440.6 million, $746.4 million, and $744.2 million, respectively. Amounts remitted to the Purchaser on their behalf during fiscal 2021, 2020, and 2019 were $476.3 million, $758.3 million, and $729.7 million, respectively. \u00a0As of May 31, 2021 and May 31, 2020, we had collected cash of $8.4 million and $20.0 million, respectively, which was not yet remitted to the Purchaser as of those dates and was classified as Restricted cash on our Consolidated Balance Sheets.
We recognize discounts on the sale of our receivables and other fees related to the Purchase Agreement in Other expense, net on our Consolidated Statements of Income. \u00a0During fiscal 2021, 2020 and 2019, we incurred discounts on the sale of our receivables and other fees of $0.4 million, $1.8 million and $2.2 million, respectively. \u00a0
"}]},{"name":"rpt:f-616","factDimensions":{"xbrl:concept":"us-gaap:ReceivablesHeldForSaleAmount","xbrl:period":"2018-02-24T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","srt:RangeAxis":"srt:MaximumMember","us-gaap:TypeOfArrangementAxis":"air:PurchaseAgreementMember"},"factValues":[{"value":"150000000","decimals":-6}]},{"name":"rpt:f-617","factDimensions":{"xbrl:concept":"air:RetainedInterestInSoldReceivables","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:TypeOfArrangementAxis":"air:PurchaseAgreementMember"},"factValues":[{"value":"0","decimals":-6}]},{"name":"rpt:f-618","factDimensions":{"xbrl:concept":"us-gaap:ReceivablesHeldForSaleAmount","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:TypeOfArrangementAxis":"air:PurchaseAgreementMember"},"factValues":[{"value":"440600000","decimals":-5}]},{"name":"rpt:f-619","factDimensions":{"xbrl:concept":"us-gaap:ReceivablesHeldForSaleAmount","xbrl:period":"2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:TypeOfArrangementAxis":"air:PurchaseAgreementMember"},"factValues":[{"value":"746400000","decimals":-5}]},{"name":"rpt:f-620","factDimensions":{"xbrl:concept":"us-gaap:ReceivablesHeldForSaleAmount","xbrl:period":"2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:TypeOfArrangementAxis":"air:PurchaseAgreementMember"},"factValues":[{"value":"744200000","decimals":-5}]},{"name":"rpt:f-621","factDimensions":{"xbrl:concept":"air:ReceivablesHeldForSaleRemittedAmount","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:TypeOfArrangementAxis":"air:PurchaseAgreementMember"},"factValues":[{"value":"476300000","decimals":-5}]},{"name":"rpt:f-622","factDimensions":{"xbrl:concept":"air:ReceivablesHeldForSaleRemittedAmount","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:TypeOfArrangementAxis":"air:PurchaseAgreementMember"},"factValues":[{"value":"758300000","decimals":-5}]},{"name":"rpt:f-623","factDimensions":{"xbrl:concept":"air:ReceivablesHeldForSaleRemittedAmount","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:TypeOfArrangementAxis":"air:PurchaseAgreementMember"},"factValues":[{"value":"729700000","decimals":-5}]},{"name":"rpt:f-624","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromCollectionOfFinanceReceivables","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:TypeOfArrangementAxis":"air:PurchaseAgreementMember"},"factValues":[{"value":"8400000","decimals":-5}]},{"name":"rpt:f-625","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromCollectionOfFinanceReceivables","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:TypeOfArrangementAxis":"air:PurchaseAgreementMember"},"factValues":[{"value":"20000000.0","decimals":-5}]},{"name":"rpt:f-626","factDimensions":{"xbrl:concept":"air:PurchaseDiscountAndOtherFees","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementLocationAxis":"us-gaap:OtherNonoperatingIncomeExpenseMember","us-gaap:TypeOfArrangementAxis":"air:PurchaseAgreementMember"},"factValues":[{"value":"400000","decimals":-5}]},{"name":"rpt:f-627","factDimensions":{"xbrl:concept":"air:PurchaseDiscountAndOtherFees","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementLocationAxis":"us-gaap:OtherNonoperatingIncomeExpenseMember","us-gaap:TypeOfArrangementAxis":"air:PurchaseAgreementMember"},"factValues":[{"value":"1800000","decimals":-5}]},{"name":"rpt:f-628","factDimensions":{"xbrl:concept":"air:PurchaseDiscountAndOtherFees","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementLocationAxis":"us-gaap:OtherNonoperatingIncomeExpenseMember","us-gaap:TypeOfArrangementAxis":"air:PurchaseAgreementMember"},"factValues":[{"value":"2200000","decimals":-5}]},{"name":"rpt:f-629","factDimensions":{"xbrl:concept":"us-gaap:DebtDisclosureTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"4. Financing Arrangements
Debt Outstanding
A summary of the carrying amount of our debt is as follows:
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
Revolving Credit Facility expiring September 25, 2024 with interest payable monthly | $ | 109.5 | $ | 579.5 | ||
Term loan due November 1, 2021 with interest payable monthly | 25.7 | 22.5 | ||||
Total debt | \u00a0 | 135.2 | \u00a0 | 602.0 | ||
Debt issuance costs, net | (1.5) | (2.0) | ||||
Long-term debt | $ | 133.7 | $ | 600.0 |
At May 31, 2021, our variable rate debt had a fair value that approximates its carrying value and is classified as Level 2 in the fair value hierarchy.
On October 18, 2017, we entered into a Credit Agreement with the Canadian Imperial Bank of Commerce, as lender (the \u201cCredit Agreement\u201d). The Credit Agreement provided a Canadian $31 million term loan with the proceeds used to fund the acquisition of two maintenance, repair, and overhaul (\u201cMRO\u201d) facilities in Canada from Premier Aviation. The term loan is due in full at the expiration of the Credit Agreement on November 1, 2021 unless terminated earlier pursuant to the terms of the Credit Agreement. Interest is payable monthly on the term loan at the offered fluctuating Canadian Dollar Offer Rate plus 125 to 225 basis points based on certain financial measurements if a Bankers\u2019 Acceptances loan, or at the offered fluctuating Prime Rate plus 25 to 125 basis points based on certain financial measurements, if a Prime Rate loan.
We maintain a Revolving Credit Facility with various financial institutions, as lenders, and Bank of America, N.A., as administrative agent for the lenders, which provides the Company an aggregate revolving credit commitment of $600 million and matures September 25, 2024. \u00a0Under certain circumstances, we have the ability to request, but our lenders are not required to grant, an increase to the revolving credit commitment by an aggregate amount of up to $300 million, not to exceed $900 million in total. \u00a0
Borrowings under the Revolving Credit Facility bear interest at the offered Eurodollar Rate plus 87.5 to 175 basis points based on certain financial measurements if a Eurodollar Rate loan, or at the offered fluctuating Base Rate plus 0 to 75 basis points based on certain financial measurements if a Base Rate loan.
Borrowings outstanding under the Revolving Credit Facility at May 31, 2021 were $109.5 million and there were approximately $19.2 million of outstanding letters of credit, which reduced the availability of this facility to $471.3 million.
The term loan under the Credit Agreement that matures on November 1, 2021 has been classified as a long-term liability due to our intent and ability to refinance this loan on a long-term basis using our Revolving Credit Facility.
Our financing arrangements also require us to comply with leverage and interest coverage ratios, maintain a minimum net working capital level, and comply with certain affirmative and negative covenants, including those relating to financial reporting and notification, payment of indebtedness, cash dividends, taxes and other obligations, compliance with applicable laws, and limitations on additional liens, indebtedness, acquisitions, investments and disposition of assets. \u00a0The Revolving Credit Facility also requires our significant domestic subsidiaries, and any subsidiaries that guarantee our other indebtedness, to provide a guarantee of payment under the Revolving Credit Facility. \u00a0At May 31, 2021, we were in compliance with the financial and other covenants in our financing agreements.
4. Financing Arrangements (Continued)
Borrowing activity under the Revolving Credit Facility during fiscal 2021, 2020 and 2019 is as follows:
For the Year Ended May\u00a031,\u00a0 | ||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | \u00a0 | ||||
Maximum amount borrowed | $ | 579.5 | $ | 579.5 | $ | 287.0 | ||||
Average daily borrowings | \u00a0 | 257.5 | \u00a0 | 280.7 | \u00a0 | 207.8 | ||||
Average interest rate during the year | \u00a0 | 1.20 | %\u00a0\u00a0 | \u00a0 | 2.62 | %\u00a0\u00a0 | \u00a0 | 3.41 | % |
We also have $10.4\u00a0million available under foreign lines of credit as of May 31, 2021.
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\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
Revolving Credit Facility expiring September 25, 2024 with interest payable monthly | $ | 109.5 | $ | 579.5 | ||
Term loan due November 1, 2021 with interest payable monthly | 25.7 | 22.5 | ||||
Total debt | \u00a0 | 135.2 | \u00a0 | 602.0 | ||
Debt issuance costs, net | (1.5) | (2.0) | ||||
Long-term debt | $ | 133.7 | $ | 600.0 |
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For the Year Ended May\u00a031,\u00a0 | ||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | \u00a0 | ||||
Maximum amount borrowed | $ | 579.5 | $ | 579.5 | $ | 287.0 | ||||
Average daily borrowings | \u00a0 | 257.5 | \u00a0 | 280.7 | \u00a0 | 207.8 | ||||
Average interest rate during the year | \u00a0 | 1.20 | %\u00a0\u00a0 | \u00a0 | 2.62 | %\u00a0\u00a0 | \u00a0 | 3.41 | % |
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5. Equity
Stock-Based Compensation
We have granted stock-based awards under the AAR CORP. 2013 Stock Plan, as Amended and Restated Effective July 13, 2020 (the \u201c2013 Stock Plan\u201d) and the AAR CORP. Stock Benefit Plan (\u201cStock Benefit Plan\u201d) each of which has been approved by our stockholders. No further awards will be made under the Stock Benefit Plan. Under the 2013 Stock Plan, we are authorized to issue stock options to employees and non-employee directors that allow the grant recipients to purchase shares of common stock at a price not less than the fair market value of the common stock on the date of grant. Generally, stock options awarded expire ten years from the date of grant and are exercisable in three annual increments commencing one year after the date of grant. In addition to stock options, the 2013 Stock Plan also provides for the grant of time-based restricted stock awards and performance-based restricted stock awards. The 2013 Stock Plan also provides for the grant of stock appreciation units and restricted stock units; however, to date, no such awards have been granted.
Restricted stock grants (whether time-based or performance-based) are designed, among other things, to align employee interests with the interests of stockholders and to encourage the recipient to build a career with us. Restricted stock typically vests over periods of to three years from the date of grant. Restricted stock grants may be performance-based with vesting to generally occur over a period of three years. All restricted stock that has been granted and, if performance-based, earned according to performance criteria carries full dividend and voting rights, regardless of whether it has vested.
Substantially all stock options and restricted stock are subject to forfeiture prior to vesting if the employee\u2019s employment terminates for any reason other than death, disability or retirement. Since inception, a total of 11,149,000\u00a0shares have been granted under the Stock Benefit Plan. We have granted a total of 5,058,230 shares under the 2013 Stock Plan. All future stock awards will be made under the 2013 Stock Plan. There were 1,850,828 shares available for grant under the 2013 Stock Plan as of May 31, 2021.
5. Equity (Continued)
Stock Options
During fiscal 2021, 2020, and 2019, we granted stock options with respect to 936,170\u00a0shares, 414,460 shares and 300,240 shares, respectively. The weighted average fair value per share of stock options granted during fiscal 2021, 2020 and 2019 was $5.89, $10.30 and $13.60, respectively. The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option pricing model using the following weighted average assumptions:
Stock\u00a0Options\u00a0Granted | \u00a0 | ||||||
In\u00a0Fiscal\u00a0Year | \u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | \u00a0 | |
Risk-free interest rate | 0.4 | %\u00a0\u00a0 | 1.9 | %\u00a0\u00a0\u00a0 | 2.7 | %\u00a0 | |
Expected volatility of common stock | \u00a0 | 40.2 | %\u00a0\u00a0 | 32.0 | %\u00a0\u00a0 | 30.8 | % |
Dividend yield | \u00a0 | 1.6 | %\u00a0\u00a0 | 0.8 | %\u00a0\u00a0 | 0.6 | % |
Expected option term in years | \u00a0 | 4.8 | 4.5 | 4.5 |
The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected volatility is based on historical volatility of our common stock, and the expected option term represents the period of time that the stock options granted are expected to be outstanding based on historical exercise trends. The dividend yield represents our anticipated cash dividends at the grant date over the expected option term.
A summary of stock option activity for the three years ended May 31, 2021 consisted of the following (shares in thousands):
2021 | 2020 | 2019 | |||||||||||||
Weighted | Weighted | Weighted | |||||||||||||
Average | Average | Average | |||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Shares | \u00a0\u00a0\u00a0\u00a0 | Exercise Price | \u00a0\u00a0\u00a0\u00a0 | Shares | \u00a0\u00a0\u00a0\u00a0 | \u00a0Exercise Price | \u00a0\u00a0\u00a0\u00a0 | Shares | \u00a0\u00a0\u00a0\u00a0 | Exercise\u00a0Price | ||||
Outstanding at beginning of year | 1,851 | $ | 32.74 | 1,777 | $ | 30.37 | 2,082 | $ | 26.72 | ||||||
Granted | \u00a0 | 936 | 18.94 | \u00a0 | 414 | 37.66 | \u00a0 | 300 | 47.84 | ||||||
Exercised | \u00a0 | (110) | 23.93 | \u00a0 | (300) | 24.99 | \u00a0 | (571) | 25.56 | ||||||
Cancelled | \u00a0 | (65) | 25.59 | \u00a0 | (40) | 36.72 | \u00a0 | (34) | 42.02 | ||||||
Outstanding at end of year | \u00a0 | 2,612 | $ | 28.34 | \u00a0 | 1,851 | $ | 32.74 | \u00a0 | 1,777 | $ | 30.37 | |||
Options exercisable at end of year | \u00a0 | 1,371 | $ | 31.56 | \u00a0 | 1,133 | $ | 28.32 | \u00a0 | 981 | $ | 25.28 |
The total fair value of stock options that vested during fiscal 2021, 2020, and 2019 was $3.9 million, $3.7 million, and $5.6\u00a0million, respectively. The total intrinsic value of stock options exercised during fiscal 2021, 2020, and 2019 was $1.5 million, $6.2\u00a0million, and $12.2 million, respectively. The aggregate intrinsic value of options outstanding was $36.6 million and $0.5\u00a0million as of May 31, 2021 and 2020, respectively. The tax expense (benefit) realized from stock options exercised during fiscal 2021, 2020, and 2019 was $0.7 million, ($2.1) million, and ($2.7) million, respectively. Expense recognized in selling, general and administrative expenses for stock options during fiscal 2021, 2020, and 2019 was $4.0 million, $3.9\u00a0million, and $4.1\u00a0million, respectively. As of May 31, 2021, we had $5.4 million of unrecognized compensation expense related to stock options that will be expensed over an average period of 1.4 years.
5. Equity (Continued)
Restricted Stock
We provide executives and other key employees an opportunity to be awarded performance-based and time-based restricted stock. \u00a0The performance-based awards are contingent upon the achievement of certain objectives, which generally include cumulative income, average return on capital, and relative total shareholder return over a three-year performance period. Performance-based restricted shares of 52,475, and 43,680 were granted to executives and key employees during fiscal 2020 and 2019, respectively. \u00a0No performance-based restricted shares were granted in fiscal 2021. \u00a0Time-based restricted shares of 144,255, 56,535, and 46,470 were granted to executives and key employees during fiscal 2021, 2020, and 2019, respectively. \u00a0We also award time-based restricted stock to our non-employee directors as part of their annual compensation. \u00a0Time-based restricted shares of 72,021, 44,123, and 29,128 were granted to members of the Board of Directors during fiscal 2021, 2020, and 2019, respectively.
The fair value of restricted shares is the market value of our common stock on the date of grant. \u00a0Expense recognized in selling, general and administrative expenses for all restricted share programs during fiscal 2021, 2020, and 2019 was $5.2 million, $3.4 million, and $9.4\u00a0million, respectively.
Restricted share activity during fiscal 2021 was as follows (shares in thousands):
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average | |||
Number\u00a0of | Fair\u00a0Value | ||||
\u00a0\u00a0\u00a0\u00a0 | Shares | \u00a0\u00a0\u00a0\u00a0 | on\u00a0Grant\u00a0Date | ||
Nonvested at May\u00a031,\u00a02020 | \u00a0 | 385 | $ | 31.70 | |
Granted | \u00a0 | 290 | 23.43 | ||
Vested | \u00a0 | (292) | 32.15 | ||
Forfeited | \u00a0 | (14) | 26.60 | ||
Nonvested at May\u00a031,\u00a02021 | \u00a0 | 369 | 30.12 |
As of May 31, 2021 we had $2.5 million of unearned compensation related to restricted shares that will be expensed over a weighted average period of 2.0 years.
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| \u00a0 | ||||||
In\u00a0Fiscal\u00a0Year | \u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | \u00a0 | |
Risk-free interest rate | 0.4 | %\u00a0\u00a0 | 1.9 | %\u00a0\u00a0\u00a0 | 2.7 | %\u00a0 | |
Expected volatility of common stock | \u00a0 | 40.2 | %\u00a0\u00a0 | 32.0 | %\u00a0\u00a0 | 30.8 | % |
Dividend yield | \u00a0 | 1.6 | %\u00a0\u00a0 | 0.8 | %\u00a0\u00a0 | 0.6 | % |
Expected option term in years | \u00a0 | 4.8 | 4.5 | 4.5 |
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A summary of stock option activity for the three years ended May 31, 2021 consisted of the following (shares in thousands):
2021 | 2020 | 2019 | |||||||||||||
Weighted | Weighted | Weighted | |||||||||||||
Average | Average | Average | |||||||||||||
\u00a0\u00a0\u00a0\u00a0 | Shares | \u00a0\u00a0\u00a0\u00a0 | Exercise Price | \u00a0\u00a0\u00a0\u00a0 | Shares | \u00a0\u00a0\u00a0\u00a0 | \u00a0Exercise Price | \u00a0\u00a0\u00a0\u00a0 | Shares | \u00a0\u00a0\u00a0\u00a0 | Exercise\u00a0Price | ||||
Outstanding at beginning of year | 1,851 | $ | 32.74 | 1,777 | $ | 30.37 | 2,082 | $ | 26.72 | ||||||
Granted | \u00a0 | 936 | 18.94 | \u00a0 | 414 | 37.66 | \u00a0 | 300 | 47.84 | ||||||
Exercised | \u00a0 | (110) | 23.93 | \u00a0 | (300) | 24.99 | \u00a0 | (571) | 25.56 | ||||||
Cancelled | \u00a0 | (65) | 25.59 | \u00a0 | (40) | 36.72 | \u00a0 | (34) | 42.02 | ||||||
Outstanding at end of year | \u00a0 | 2,612 | $ | 28.34 | \u00a0 | 1,851 | $ | 32.74 | \u00a0 | 1,777 | $ | 30.37 | |||
Options exercisable at end of year | \u00a0 | 1,371 | $ | 31.56 | \u00a0 | 1,133 | $ | 28.32 | \u00a0 | 981 | $ | 25.28 |
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Restricted share activity during fiscal 2021 was as follows (shares in thousands):
\u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | Weighted\u00a0Average | |||
Number\u00a0of | Fair\u00a0Value | ||||
\u00a0\u00a0\u00a0\u00a0 | Shares | \u00a0\u00a0\u00a0\u00a0 | on\u00a0Grant\u00a0Date | ||
Nonvested at May\u00a031,\u00a02020 | \u00a0 | 385 | $ | 31.70 | |
Granted | \u00a0 | 290 | 23.43 | ||
Vested | \u00a0 | (292) | 32.15 | ||
Forfeited | \u00a0 | (14) | 26.60 | ||
Nonvested at May\u00a031,\u00a02021 | \u00a0 | 369 | 30.12 |
"}]},{"name":"rpt:f-762","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber","xbrl:period":"2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"385000","decimals":-3}]},{"name":"rpt:f-763","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue","xbrl:period":"2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"31.70","decimals":2}]},{"name":"rpt:f-764","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"290000","decimals":-3}]},{"name":"rpt:f-765","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"23.43","decimals":2}]},{"name":"rpt:f-766","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"292000","decimals":-3}]},{"name":"rpt:f-767","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"32.15","decimals":2}]},{"name":"rpt:f-768","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"14000","decimals":-3}]},{"name":"rpt:f-769","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"26.60","decimals":2}]},{"name":"rpt:f-770","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"369000","decimals":-3}]},{"name":"rpt:f-771","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"30.12","decimals":2}]},{"name":"rpt:f-772","factDimensions":{"xbrl:concept":"us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"2500000","decimals":-5}]},{"name":"rpt:f-773","factDimensions":{"xbrl:concept":"us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"P2Y"}]},{"name":"rpt:f-774","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxDisclosureTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
6. Income Taxes
The provision for income tax on income from continuing operations includes the following components:
For the Year Ended | |||||||||
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Current: | |||||||||
Federal | $ | 5.2 | $ | 1.4 | $ | 4.8 | |||
State | \u00a0 | 1.2 | \u00a0 | 0.9 | \u00a0 | 0.1 | |||
Foreign | \u00a0 | 3.4 | \u00a0 | 2.8 | \u00a0 | 5.0 | |||
\u00a0 | 9.8 | \u00a0 | 5.1 | \u00a0 | 9.9 | ||||
Deferred | \u00a0 | 8.4 | \u00a0 | 0.5 | (5.0) | ||||
$ | 18.2 | $ | 5.6 | $ | 4.9 |
6. Income Taxes (Continued)
The provision for income taxes on pre-tax income differs from the amount computed by applying the U.S. federal statutory income tax rate of 21.0% for fiscal 2021, 2020 and 2019 to income from continuing operations before provision for income taxes due to the following:
For the Year Ended | |||||||||
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Provision for income tax at the federal statutory rate | $ | 13.5 | $ | 6.4 | $ | 18.7 | |||
Tax expense (benefits) from stock-based compensation | 0.7 | (2.1) | (2.7) | ||||||
State income taxes, net of federal benefit | 2.4 | 1.1 | 1.9 | ||||||
Change\u00a0in\u00a0valuation\u00a0allowance\u00a0for\u00a0state\u00a0deferred\u00a0tax\u00a0assets\u00a0 | \u2014 | (0.1) | (6.9) | ||||||
Effective settlement of prior tax positions | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (4.7) | |||
Other | \u00a0 | 1.6 | \u00a0 | 0.3 | \u00a0 | (1.4) | |||
Provision for income tax | $ | 18.2 | $ | 5.6 | $ | 4.9 |
Income before provision for income taxes includes the following components:
For the Year Ended | |||||||||
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Domestic | $ | 43.7 | $ | 23.6 | $ | 68.9 | |||
Foreign | \u00a0 | 20.8 | \u00a0 | 6.8 | \u00a0 | 20.1 | |||
$ | 64.5 | $ | 30.4 | $ | 89.0 |
Our foreign earnings are comprised primarily of the results of our operations in the United Kingdom, Canada, and the Netherlands.
Deferred tax assets and liabilities result primarily from the differences in the timing of the recognition of transactions for financial reporting and income tax purposes. \u00a0Our deferred tax assets and liabilities consist of the following components:
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
Deferred tax assets: | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | ||||
Operating lease liabilities | $ | 20.7 | $ | 24.9 | ||
Employee and retirement benefits | 10.4 | 13.3 | ||||
State net operating losses | 6.8 | 9.4 | ||||
Allowance for doubtful accounts | 4.0 | 4.1 | ||||
Credits and incentives | 1.1 | 8.2 | ||||
Other | \u00a0 | 1.5 | \u00a0 | 5.0 | ||
Total deferred tax assets | 44.5 | 64.9 | ||||
Deferred tax liabilities: | ||||||
Tangible and intangible assets | (31.9) | (35.0) | ||||
ROU operating lease assets | \u00a0 | (21.9) | \u00a0 | (26.2) | ||
Other | \u00a0 | (0.2) | \u00a0 | (0.2) | ||
Total deferred tax liabilities | (54.0) | (61.4) | ||||
Net deferred tax assets (liabilities) | $ | (9.5) | $ | 3.5 |
6. Income Taxes (Continued)
As of May 31, 2021, we have determined that the realization of our deferred tax assets is more likely than not and that a valuation allowance is not required. Our net operating losses have \u00a0carry forward periods that range from 5 to 20 years. \u00a0Our history of operating earnings, our expectations for continued future earnings, the nature of certain of our deferred tax assets and the scheduled reversal of deferred tax liabilities, primarily related to depreciation, support the recoverability of the majority of the deferred tax assets. Our net deferred tax assets are included in Other non-current assets on our Consolidated Balance Sheets.
Income tax payable was $0.7 million at May 31, 2021 and was included in Accrued liabilities on the Consolidated Balance Sheet. \u00a0Income tax receivable was $7.9 million at May 31, 2020 and was included in Prepaid expenses and other current assets on the Consolidated Balance Sheet.
Our federal income tax returns for fiscal years 2018 and subsequent are open for examination. Various states and foreign jurisdictions also remain open subject to their applicable statute of limitations.
"}]},{"name":"rpt:f-775","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"For the Year Ended | |||||||||
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Current: | |||||||||
Federal | $ | 5.2 | $ | 1.4 | $ | 4.8 | |||
State | \u00a0 | 1.2 | \u00a0 | 0.9 | \u00a0 | 0.1 | |||
Foreign | \u00a0 | 3.4 | \u00a0 | 2.8 | \u00a0 | 5.0 | |||
\u00a0 | 9.8 | \u00a0 | 5.1 | \u00a0 | 9.9 | ||||
Deferred | \u00a0 | 8.4 | \u00a0 | 0.5 | (5.0) | ||||
$ | 18.2 | $ | 5.6 | $ | 4.9 |
For the Year Ended | |||||||||
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Provision for income tax at the federal statutory rate | $ | 13.5 | $ | 6.4 | $ | 18.7 | |||
Tax expense (benefits) from stock-based compensation | 0.7 | (2.1) | (2.7) | ||||||
State income taxes, net of federal benefit | 2.4 | 1.1 | 1.9 | ||||||
Change\u00a0in\u00a0valuation\u00a0allowance\u00a0for\u00a0state\u00a0deferred\u00a0tax\u00a0assets\u00a0 | \u2014 | (0.1) | (6.9) | ||||||
Effective settlement of prior tax positions | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (4.7) | |||
Other | \u00a0 | 1.6 | \u00a0 | 0.3 | \u00a0 | (1.4) | |||
Provision for income tax | $ | 18.2 | $ | 5.6 | $ | 4.9 |
"}]},{"name":"rpt:f-798","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"13500000","decimals":-5}]},{"name":"rpt:f-799","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"6400000","decimals":-5}]},{"name":"rpt:f-800","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"18700000","decimals":-5}]},{"name":"rpt:f-801","factDimensions":{"xbrl:concept":"air:EffectiveIncomeTaxRateReconciliationTaxExpenseBenefitsFromStockBasedCompensation","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"700000","decimals":-5}]},{"name":"rpt:f-802","factDimensions":{"xbrl:concept":"air:EffectiveIncomeTaxRateReconciliationTaxExpenseBenefitsFromStockBasedCompensation","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-2100000","decimals":-5}]},{"name":"rpt:f-803","factDimensions":{"xbrl:concept":"air:EffectiveIncomeTaxRateReconciliationTaxExpenseBenefitsFromStockBasedCompensation","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-2700000","decimals":-5}]},{"name":"rpt:f-804","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxReconciliationStateAndLocalIncomeTaxes","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2400000","decimals":-5}]},{"name":"rpt:f-805","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxReconciliationStateAndLocalIncomeTaxes","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1100000","decimals":-5}]},{"name":"rpt:f-806","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxReconciliationStateAndLocalIncomeTaxes","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1900000","decimals":-5}]},{"name":"rpt:f-807","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-100000","decimals":-5}]},{"name":"rpt:f-808","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-6900000","decimals":-5}]},{"name":"rpt:f-809","factDimensions":{"xbrl:concept":"air:EffectiveIncomeTaxRateReconciliationSettlementOfPriorTaxPositionAmount","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-4700000","decimals":-5}]},{"name":"rpt:f-810","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxReconciliationOtherAdjustments","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1600000","decimals":-5}]},{"name":"rpt:f-811","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxReconciliationOtherAdjustments","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"300000","decimals":-5}]},{"name":"rpt:f-812","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxReconciliationOtherAdjustments","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-1400000","decimals":-5}]},{"name":"rpt:f-813","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxExpenseBenefitIntraperiodTaxAllocation","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"18200000","decimals":-5}]},{"name":"rpt:f-814","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxExpenseBenefitIntraperiodTaxAllocation","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5600000","decimals":-5}]},{"name":"rpt:f-815","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxExpenseBenefitIntraperiodTaxAlloc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For the Year Ended | |||||||||
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Domestic | $ | 43.7 | $ | 23.6 | $ | 68.9 | |||
Foreign | \u00a0 | 20.8 | \u00a0 | 6.8 | \u00a0 | 20.1 | |||
$ | 64.5 | $ | 30.4 | $ | 89.0 |
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
Deferred tax assets: | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | ||||
Operating lease liabilities | $ | 20.7 | $ | 24.9 | ||
Employee and retirement benefits | 10.4 | 13.3 | ||||
State net operating losses | 6.8 | 9.4 | ||||
Allowance for doubtful accounts | 4.0 | 4.1 | ||||
Credits and incentives | 1.1 | 8.2 | ||||
Other | \u00a0 | 1.5 | \u00a0 | 5.0 | ||
Total deferred tax assets | 44.5 | 64.9 | ||||
Deferred tax liabilities: | ||||||
Tangible and intangible assets | (31.9) | (35.0) | ||||
ROU operating lease assets | \u00a0 | (21.9) | \u00a0 | (26.2) | ||
Other | \u00a0 | (0.2) | \u00a0 | (0.2) | ||
Total deferred tax liabilities | (54.0) | (61.4) | ||||
Net deferred tax assets (liabilities) | $ | (9.5) | $ | 3.5 |
7. Earnings Per Share
The computation of basic earnings per share is based on the weighted average number of common shares outstanding during each period. The computation of diluted earnings per share is based on the weighted average number of common shares outstanding during the period plus, when their effect is dilutive, incremental shares consisting of shares subject to stock options and shares issuable upon vesting of restricted stock awards.
In accordance with ASC 260-10-45, Share-Based Payment Arrangements and Participating Securities and the Two-Class Method, our unvested restricted stock awards are deemed participating securities since these shares are entitled to participate in dividends declared on common shares. During periods of net income, the calculation of earnings per share for common stock excludes income attributable to unvested restricted stock awards from the numerator and excludes the dilutive impact of those shares from the denominator. During periods of net loss, no effect is given to the participating securities because they do not share in the losses of the Company.
7. Earnings Per Share (Continued)
The following tables provide a reconciliation of the computations of basic and diluted earnings per share information for each of the years in the three-year period ended May 31, 2021 (shares in millions).
For the Year Ended | |||||||||
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Basic and Diluted EPS: | |||||||||
Income from continuing operations | $ | 46.3 | $ | 24.8 | $ | 84.1 | |||
Less income attributable to participating shares | \u00a0 | (0.4) | \u00a0 | (0.1) | \u00a0 | (0.4) | |||
Income from continuing operations attributable to common stockholders | 45.9 | 24.7 | 83.7 | ||||||
Loss from discontinued operations attributable to common stockholders | (10.5) | (20.4) | (76.6) | ||||||
Net income attributable to common stockholders for earnings per share | $ | 35.4 | $ | 4.3 | $ | 7.1 | |||
Weighted average common shares outstanding - basic | \u00a0 | 35.0 | \u00a0 | 34.8 | \u00a0 | 34.5 | |||
Additional shares from assumed exercise of stock options | 0.3 | 0.2 | 0.4 | ||||||
Weighted average common shares outstanding - diluted | 35.3 | 35.0 | 34.9 | ||||||
Earnings per share \u2013 basic: | |||||||||
Earnings from continuing operations | $ | 1.31 | $ | 0.71 | $ | 2.42 | |||
Loss from discontinued operations | \u00a0 | (0.30) | \u00a0 | (0.59) | \u00a0 | (2.22) | |||
Earnings per share - basic | $ | 1.01 | $ | 0.12 | $ | 0.20 | |||
Earnings per share \u2013 diluted: | |||||||||
Earnings from continuing operations | $ | 1.30 | $ | 0.71 | $ | 2.40 | |||
Loss from discontinued operations | \u00a0 | (0.30) | \u00a0 | (0.58) | \u00a0 | (2.19) | |||
Earnings per share - diluted | $ | 1.00 | $ | 0.13 | $ | 0.21 |
At May 31, 2021, 2020 and 2019 respectively, outstanding options to purchase 1,054,400, 669,400 and 273,400 shares of common stock were not included in the computation of diluted earnings per share, because the exercise price of these options was greater than the average market price of the common shares for the year then ended.
"}]},{"name":"rpt:f-856","factDimensions":{"xbrl:concept":"air:ImpactOfNetLossOnParticipatingSecurities","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":-5}]},{"name":"rpt:f-857","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"The following tables provide a reconciliation of the computations of basic and diluted earnings per share information for each of the years in the three-year period ended May 31, 2021 (shares in millions).
For the Year Ended | |||||||||
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Basic and Diluted EPS: | |||||||||
Income from continuing operations | $ | 46.3 | $ | 24.8 | $ | 84.1 | |||
Less income attributable to participating shares | \u00a0 | (0.4) | \u00a0 | (0.1) | \u00a0 | (0.4) | |||
Income from continuing operations attributable to common stockholders | 45.9 | 24.7 | 83.7 | ||||||
Loss from discontinued operations attributable to common stockholders | (10.5) | (20.4) | (76.6) | ||||||
Net income attributable to common stockholders for earnings per share | $ | 35.4 | $ | 4.3 | $ | 7.1 | |||
Weighted average common shares outstanding - basic | \u00a0 | 35.0 | \u00a0 | 34.8 | \u00a0 | 34.5 | |||
Additional shares from assumed exercise of stock options | 0.3 | 0.2 | 0.4 | ||||||
Weighted average common shares outstanding - diluted | 35.3 | 35.0 | 34.9 | ||||||
Earnings per share \u2013 basic: | |||||||||
Earnings from continuing operations | $ | 1.31 | $ | 0.71 | $ | 2.42 | |||
Loss from discontinued operations | \u00a0 | (0.30) | \u00a0 | (0.59) | \u00a0 | (2.22) | |||
Earnings per share - basic | $ | 1.01 | $ | 0.12 | $ | 0.20 | |||
Earnings per share \u2013 diluted: | |||||||||
Earnings from continuing operations | $ | 1.30 | $ | 0.71 | $ | 2.40 | |||
Loss from discontinued operations | \u00a0 | (0.30) | \u00a0 | (0.58) | \u00a0 | (2.19) | |||
Earnings per share - diluted | $ | 1.00 | $ | 0.13 | $ | 0.21 |
8. Employee Benefit Plans
Defined Benefit Plans
Prior to January 1, 2000, the pension plan for domestic salaried and non-union hourly employees (\u201cU.S. Retirement Plan\u201d) had a benefit formula based primarily on years of service and compensation. Effective January\u00a01, 2000, we converted our defined benefit plan for substantially all domestic salaried and certain hourly employees to a cash balance pension plan. Under the cash balance pension plan, the retirement benefit is expressed as a dollar amount in an account that grows with annual pay-based credits and interest on the account balance. The interest crediting rate under our cash balance plan is determined quarterly and is equal to 100% of the average treasury rate for the second month preceding the applicable quarter published by the Internal Revenue Service. The average interest crediting rate under our cash balance plan for the fiscal year ended May 31, 2021 was 4.46%. Effective June 1, 2005, the existing cash balance plan was frozen and the annual pay-based credits were discontinued.
Our domestic plans also include a defined benefit pension plan for certain union hourly employees in which benefits are based primarily on a fixed amount per year of service. \u00a0This plan was frozen in fiscal 2018.
8. Employee Benefit Plans (Continued)
We also have a defined benefit pension plan covering certain employees in the Netherlands. \u00a0Benefit formulas are based generally on years of service and compensation.
We also have a benefit plan which provides benefits to certain retired outside directors. \u00a0In fiscal 2001, we froze the plan for any new members of the Board of Directors and no current directors participate in this plan.
The change to our projected benefit obligation and the fair value of our plan assets for our pension plans was as follows:
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
Change in projected benefit obligation: | ||||||
Projected benefit obligation at beginning of year | $ | 159.1 | $ | 149.2 | ||
Service cost | \u00a0 | 2.5 | \u00a0 | 2.8 | ||
Interest cost | \u00a0 | 3.1 | \u00a0 | 3.8 | ||
Participant contributions | \u00a0 | 0.3 | \u00a0 | 0.3 | ||
Net actuarial (gain) loss | \u00a0 | (4.4) | \u00a0 | 10.1 | ||
Benefits and administrative payments | \u00a0 | (4.8) | \u00a0 | (4.9) | ||
Settlements | (2.0) | (2.2) | ||||
Curtailment | (2.5) | \u2014 | ||||
Foreign currency translation adjustment | \u00a0 | 7.7 | \u00a0 | \u2014 | ||
Projected benefit obligation at end of year | $ | 159.0 | $ | 159.1 | ||
Change in the fair value of plan assets: | ||||||
Fair value of plan assets at beginning of year | $ | 131.8 | $ | 129.9 | ||
Actual return on plan assets | \u00a0 | 23.8 | \u00a0 | 8.6 | ||
Employer contributions | \u00a0 | 2.7 | \u00a0 | 0.4 | ||
Participant contributions | \u00a0 | 0.3 | \u00a0 | \u2014 | ||
Benefits and administrative payments, including settlements | \u00a0 | (6.8) | \u00a0 | (7.1) | ||
Foreign currency translation adjustment | \u00a0 | 6.6 | \u00a0 | \u2014 | ||
Fair value of plan assets at end of year | $ | 158.4 | $ | 131.8 | ||
Funded status at end of year | $ | (0.6) | $ | (27.3) |
Amounts recognized in the Consolidated Balance Sheets consisted of the following:
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
Other non-current assets | $ | 10.4 | $ | \u2014 | ||
Accrued liabilities | (0.4) | (0.4) | ||||
Other liabilities | (10.6) | (26.9) | ||||
Funded status at end of year | $ | (0.6) | $ | (27.3) | ||
Accumulated other comprehensive loss | $ | 37.8 | $ | 63.5 |
8. Employee Benefit Plans (Continued)
The following tables provide the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for all pension plans with a projected benefit obligation or accumulated benefit obligation in excess of plan assets:
May\u00a031, | ||||||
Projected benefit obligation in excess of plan assets | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | ||
Projected benefit ohbligation | $ | 88.1 | $ | 159.1 | ||
Fair value of plan assets | \u00a0 | 77.1 | \u00a0 | 131.8 |
May\u00a031, | ||||||
Accumulated benefit obligation in excess of plan assets | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | ||
Projected benefit obligation | $ | 88.1 | $ | 159.1 | ||
Accumulated benefit obligation | \u00a0 | 82.1 | \u00a0 | 83.4 | ||
Fair value of plan assets | \u00a0 | 77.1 | \u00a0 | 131.8 |
The accumulated benefit obligation for all pension plans was $153.0 million and $151.9 million at May 31, 2021 and 2020, respectively.
Net Periodic Benefit Cost
Pension expense charged to the Consolidated Statements of Income includes the following components:
For the Year Ended | |||||||||
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Service cost | $ | 2.5 | $ | 2.8 | $ | 2.3 | |||
Interest cost | \u00a0 | 3.1 | \u00a0 | 3.8 | \u00a0 | 4.3 | |||
Expected return on plan assets | \u00a0 | (6.6) | \u00a0 | (6.8) | \u00a0 | (7.1) | |||
Settlements | 0.9 | 1.5 | 0.1 | ||||||
Amortization of prior service credit | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (0.1) | |||
Recognized net actuarial loss | \u00a0 | 2.3 | \u00a0 | 2.0 | \u00a0 | 1.8 | |||
$ | 2.2 | $ | 3.3 | $ | 1.3 |
The non-service cost components above are classified in Other income (expense), net on the Statements of Income. \u00a0The estimated amount of net actuarial loss to be amortized from accumulated other comprehensive loss into expense during fiscal 2022 is $1.6 million.
8. Employee Benefit Plans (Continued)
Assumptions
The assumptions used in accounting for our plans are estimates of factors including, among other things, the amount and timing of future benefit payments. The following table presents the key weighted-average assumptions used in the measurement of our projected benefit obligations:
May\u00a031,\u00a0 | \u00a0 | ||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0 | |
Discount rate: | |||||
Domestic plans | \u00a0 | 2.87 | %\u00a0\u00a0 | 2.83 | % |
International plan | \u00a0 | 1.20 | 1.20 | ||
Rate of compensation increase: | |||||
Domestic plans | \u00a0 | n/a | n/a | ||
International plans | \u00a0 | 3.00 | % | 3.00 | % |
A summary of the weighted-average assumptions used to determine net periodic pension expense is as follows:
For the Year Ended | \u00a0 | ||||||
May\u00a031,\u00a0 | \u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | \u00a0 | |
Discount rate: | |||||||
Domestic plans | \u00a0 | 2.83 | %\u00a0\u00a0 | 3.67 | %\u00a0\u00a0 | 4.05 | % |
International plan | \u00a0 | 1.20 | 1.50 | 1.90 | |||
Expected long-term rate on plan assets: | |||||||
Domestic plans | \u00a0 | 7.25 | %\u00a0\u00a0 | 7.25 | %\u00a0\u00a0 | 7.25 | % |
International plan | \u00a0 | 2.50 | 2.90 | 3.60 |
The discount rate was determined by projecting the expected future benefit payments as defined for the projected benefit obligation, discounting those expected payments using a theoretical zero-coupon spot yield curve derived from a universe of high-quality bonds as of the measurement date, and solving for the single equivalent discount rate that resulted in the same projected benefit obligation.
Plan Assets
The following table sets forth the actual asset allocation and target allocations for our U.S. pension plans:
May\u00a031,\u00a0 | Target\u00a0Asset | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | Allocation | ||
Equity securities | 62 | %\u00a0\u00a0 | 60 | %\u00a0\u00a0 | 45 \u2013 75 | % | |
Fixed income securities | \u00a0 | 18 | 20 | 15 \u2013 45 | % | ||
Other | \u00a0 | 20 | 20 | 0 \u2013 25 | % | ||
\u00a0 | 100 | %\u00a0\u00a0 | 100 | %\u00a0\u00a0 |
8. Employee Benefit Plans (Continued)
The assets of U.S pension plans are invested in compliance with the Employee Retirement Income Security Act of 1974. The investment goals are to provide a total return that, over the long term, optimizes the long-term return on plan assets at an acceptable risk, and to maintain a broad diversification across asset classes and among investment managers. We believe that there are no significant concentrations of risk within our plan assets as of May 31, 2021. The use of derivatives for the purpose of speculation are not permitted. The assets of the U.S. pension plans are invested primarily in equity and fixed income mutual funds, individual common stocks, and fund-of-funds hedge funds. The assets of the non-domestic plan are invested in funds-of-funds where each fund holds a portfolio of equity and fixed income mutual funds.
To develop our expected long-term rate of return assumption on domestic plans, we use long-term historical return information for our targeted asset mix and current market conditions. The expected return for each asset class is weighted based on the target asset allocation to develop the expected long-term rate of return on plan assets assumption. While consideration is given to recent performance, the assumption represents a long-term, prospective rate of return.
The following table sets forth by level, within the fair value hierarchy, pension plan assets at their fair value as of May 31, 2021:
\u00a0\u00a0\u00a0\u00a0 | Level\u00a01(1) | \u00a0\u00a0\u00a0\u00a0 | Level\u00a02(2) | \u00a0\u00a0\u00a0\u00a0 | Level\u00a03(3) | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Equity securities: | ||||||||||||
U.S. mutual funds | $ | 40.3 | $ | \u2014 | $ | \u2014 | $ | 40.3 | ||||
International mutual funds | \u00a0 | 11.1 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | 11.1 | ||||
Fixed income: | ||||||||||||
Government securities and corporate bond mutual funds | \u00a0 | \u2014 | \u00a0 | 13.3 | \u00a0 | \u2014 | \u00a0 | 13.3 | ||||
Funds-of-funds | \u00a0 | \u2014 | \u00a0 | 61.3 | \u00a0 | \u2014 | \u00a0 | 61.3 | ||||
Insurance annuities | \u2014 | \u2014 | 15.6 | 15.6 | ||||||||
Cash and cash equivalents | \u00a0 | 0.7 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | 0.7 | ||||
$ | 52.1 | $ | 74.6 | $ | 15.6 | 142.3 | ||||||
Other investments measured at net asset value (4) | 16.1 | |||||||||||
Total pension plan assets | $ | 158.4 |
8. Employee Benefit Plans (Continued)
The following table sets forth by level, within the fair value hierarchy, pension plan assets at their fair value as of May\u00a031, 2020:
\u00a0\u00a0\u00a0\u00a0 | Level\u00a01(1) | \u00a0\u00a0\u00a0\u00a0 | Level\u00a02(2) | \u00a0\u00a0\u00a0\u00a0 | Level\u00a03(3) | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Equity securities: | ||||||||||||
U.S. mutual funds | $ | 31.5 | $ | \u2014 | $ | \u2014 | $ | 31.5 | ||||
International mutual funds | \u00a0 | 7.6 | \u2014 | \u00a0 | \u2014 | \u00a0 | 7.6 | |||||
Fixed income: | ||||||||||||
Government securities and corporate bond mutual funds | \u00a0 | 8.4 | 4.7 | \u00a0 | \u2014 | \u00a0 | 13.1 | |||||
Funds-of-funds | \u00a0 | \u2014 | 54.6 | \u00a0 | \u2014 | \u00a0 | 54.6 | |||||
Insurance annuities | \u2014 | \u2014 | 11.7 | 11.7 | ||||||||
Cash and cash equivalents | \u00a0 | 0.5 | \u2014 | \u00a0 | \u2014 | \u00a0 | 0.5 | |||||
$ | 48.0 | $ | 59.3 | $ | 11.7 | 119.0 | ||||||
Other investments measured at net asset value (4) | 12.8 | |||||||||||
Total pension plan assets | $ | 131.8 |
| (1) | Quoted prices in active markets for identical assets that we have the ability to access as of the reporting date. |
| (2) | Inputs other than quoted prices included within Level\u00a01 that are directly observable for the asset or indirectly observable through corroboration with observable market data. |
| (3) | Unobservable inputs, such as internally developed pricing models or third party valuations for the asset due to little or no market activity for the asset. |
| (4) | Other investments measured at net asset value included alternative investments, such as hedge funds, which are valued using the net asset value as a practical expedient. |
The following table presents the reconciliation of Level 3 pension assets and other investments measured at net asset value for the fiscal years ended May 31, 2021 and 2020:
\u00a0\u00a0\u00a0\u00a0 | Hedge\u00a0Funds | \u00a0\u00a0\u00a0\u00a0 | Fund-of-funds | \u00a0\u00a0\u00a0\u00a0 | Insurance Annuities | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Balance as of May\u00a031,\u00a02019 | $ | 4.2 | $ | 7.9 | $ | 9.9 | $ | 22.0 | ||||
Purchases | \u00a0 | \u2014 | \u2014 | 1.8 | 1.8 | |||||||
Sales | (0.1) | \u2014 | \u2014 | (0.1) | ||||||||
Return on plan assets related to assets still held at May 31, 2020 | 0.2 | 0.6 | \u2014 | 0.8 | ||||||||
Balance as of May\u00a031,\u00a02020 | \u00a0 | 4.3 | 8.5 | 11.7 | 24.5 | |||||||
Purchases | \u2014 | \u2014 | 3.9 | 3.9 | ||||||||
Return on plan assets related to assets still held at May 31, 2021 | 0.8 | 2.5 | \u2014 | 3.3 | ||||||||
Balance as of May\u00a031,\u00a02021 | $ | 5.1 | $ | 11.0 | $ | 15.6 | $ | 31.7 |
Valuation Techniques Used to Determine Fair Value
Cash equivalents are investments with maturities of three months or less when purchased. The fair values are based on observable market prices and categorized as Level\u00a01.
8. Employee Benefit Plans (Continued)
With respect to individually held equity securities, including investments in U.S. and international securities, the trustees obtain prices from pricing services, whose prices are obtained from direct feeds from market exchanges, which we are able to independently corroborate. Equity securities held individually are primarily traded on exchanges that contain only actively traded securities, due to the volume trading requirements imposed by these exchanges. Equity securities are valued based on quoted prices in active markets and categorized as Level\u00a01.
Equity and fixed income mutual funds are maintained by investment companies that hold certain investments in accordance with a stated set of fund objectives, which are consistent with our overall investment strategy. The values of some of these funds are publicly quoted. For equity and fixed income mutual funds which are publicly quoted, the funds are valued based on quoted prices in active markets and have been categorized as Level\u00a01. As certain of our funds-of-funds investments are also derived from quoted prices in active markets, we have categorized certain funds-of-funds investments as Level\u00a02.
Insurance annuities require the utilization of unobservable inputs, including undiscounted cash flow techniques which results in Level 3 treatment in the fair value hierarchy.
Hedge fund investments include those seeking to maximize absolute returns using a broad range of strategies to enhance returns and provide additional diversification. The fair value of hedge funds is determined using net asset value or its equivalent subject to certain restrictions, such as a lock-up period and a redemption notice period.
Future Benefit Payments and Funding
The following table summarizes our estimated future pension payments by fiscal year:
Fiscal\u00a0Year | ||||||||||||||||||
2027\u00a0to | ||||||||||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2026 | \u00a0\u00a0\u00a0\u00a0 | 2031 | |||||||
Estimated future pension payments | $ | 6.8 | $ | 6.4 | $ | 6.0 | $ | 7.0 | $ | 7.3 | $ | 35.0 |
Our contribution policy for the domestic plans is to contribute annually, at a minimum, an amount which is deductible for federal income tax purposes and that is sufficient to meet actuarially computed pension benefits. For our Netherlands pension plan, our policy is to fund at least the minimum amount required by the local laws and regulations. We anticipate contributing approximately $2.3\u00a0million to our pension plans during fiscal 2022.
Defined Contribution Plans
Our defined contribution plans are intended to qualify as a 401(k) plans under the Internal Revenue Code. \u00a0Employees may contribute up to 75% of their pretax compensation, subject to applicable regulatory limits and we may make discretionary matching contributions up to 5% of employee compensation. \u00a0We modified the contribution structure in fiscal 2020 to eliminate the profit sharing contribution for future years. \u00a0Our contributions vest on a pro-rata basis during the first three years of employment. \u00a0We also maintain a non-qualified retirement plan that makes up 401(k) benefits that would otherwise be lost as a result of Internal Revenue Code limits and provides additional employer contributions for certain executives and key employees to supplement the benefits provided by the defined contribution plans. \u00a0
In response to the impact from COVID-19, we temporarily suspended our matching contributions to the defined contribution plans effective June 1, 2020. Contributions were reinstated effective December 1, 2020. Expense charged to the Consolidated Statements of Income for our matching contributions, including profit sharing contributions, was $4.0 million in fiscal 2021, $11.6 million in fiscal 2020 and $11.4 million in fiscal 2019 for these plans.
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\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
Change in projected benefit obligation: | ||||||
Projected benefit obligation at beginning of year | $ | 159.1 | $ | 149.2 | ||
Service cost | \u00a0 | 2.5 | \u00a0 | 2.8 | ||
Interest cost | \u00a0 | 3.1 | \u00a0 | 3.8 | ||
Participant contributions | \u00a0 | 0.3 | \u00a0 | 0.3 | ||
Net actuarial (gain) loss | \u00a0 | (4.4) | \u00a0 | 10.1 | ||
Benefits and administrative payments | \u00a0 | (4.8) | \u00a0 | (4.9) | ||
Settlements | (2.0) | (2.2) | ||||
Curtailment | (2.5) | \u2014 | ||||
Foreign currency translation adjustment | \u00a0 | 7.7 | \u00a0 | \u2014 | ||
Projected benefit obligation at end of year | $ | 159.0 | $ | 159.1 | ||
Change in the fair value of plan assets: | ||||||
Fair value of plan assets at beginning of year | $ | 131.8 | $ | 129.9 | ||
Actual return on plan assets | \u00a0 | 23.8 | \u00a0 | 8.6 | ||
Employer contributions | \u00a0 | 2.7 | \u00a0 | 0.4 | ||
Participant contributions | \u00a0 | 0.3 | \u00a0 | \u2014 | ||
Benefits and administrative payments, including settlements | \u00a0 | (6.8) | \u00a0 | (7.1) | ||
Foreign currency translation adjustment | \u00a0 | 6.6 | \u00a0 | \u2014 | ||
Fair value of plan assets at end of year | $ | 158.4 | $ | 131.8 | ||
Funded status at end of year | $ | (0.6) | $ | (27.3) |
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
Other non-current assets | $ | 10.4 | $ | \u2014 | ||
Accrued liabilities | (0.4) | (0.4) | ||||
Other liabilities | (10.6) | (26.9) | ||||
Funded status at end of year | $ | (0.6) | $ | (27.3) | ||
Accumulated other comprehensive loss | $ | 37.8 | $ | 63.5 |
May\u00a031, | ||||||
Projected benefit obligation in excess of plan assets | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | ||
Projected benefit ohbligation | $ | 88.1 | $ | 159.1 | ||
Fair value of plan assets | \u00a0 | 77.1 | \u00a0 | 131.8 |
May\u00a031, | ||||||
Accumulated benefit obligation in excess of plan assets | \u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | ||
Projected benefit obligation | $ | 88.1 | $ | 159.1 | ||
Accumulated benefit obligation | \u00a0 | 82.1 | \u00a0 | 83.4 | ||
Fair value of plan assets | \u00a0 | 77.1 | \u00a0 | 131.8 |
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For the Year Ended | |||||||||
May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Service cost | $ | 2.5 | $ | 2.8 | $ | 2.3 | |||
Interest cost | \u00a0 | 3.1 | \u00a0 | 3.8 | \u00a0 | 4.3 | |||
Expected return on plan assets | \u00a0 | (6.6) | \u00a0 | (6.8) | \u00a0 | (7.1) | |||
Settlements | 0.9 | 1.5 | 0.1 | ||||||
Amortization of prior service credit | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | (0.1) | |||
Recognized net actuarial loss | \u00a0 | 2.3 | \u00a0 | 2.0 | \u00a0 | 1.8 | |||
$ | 2.2 | $ | 3.3 | $ | 1.3 |
"}]},{"name":"rpt:f-963","factDimensions":{"xbrl:concept":"air:DefinedBenefitPlanServiceCostContinuingOperations","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"2500000","decimals":-5}]},{"name":"rpt:f-964","factDimensions":{"xbrl:concept":"air:DefinedBenefitPlanServiceCostContinuingOperations","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"2800000","decimals":-5}]},{"name":"rpt:f-965","factDimensions":{"xbrl:concept":"air:DefinedBenefitPlanServiceCostContinuingOperations","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"2300000","decimals":-5}]},{"name":"rpt:f-966","factDimensions":{"xbrl:concept":"air:DefinedBenefitPlanInterestCostContinuingOperations","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"3100000","decimals":-5}]},{"name":"rpt:f-967","factDimensions":{"xbrl:concept":"air:DefinedBenefitPlanInterestCostContinuingOperations","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"3800000","decimals":-5}]},{"name":"rpt:f-968","factDimensions":{"xbrl:concept":"air:DefinedBenefitPlanInterestCostContinuingOperations","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"4300000","decimals":-5}]},{"name":"rpt:f-969","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanExpectedReturnOnPlanAssets","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"6600000","decimals":-5}]},{"name":"rpt:f-970","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanExpectedReturnOnPlanAssets","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"6800000","decimals":-5}]},{"name":"rpt:f-971","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanExpectedReturnOnPlanAssets","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"7100000","decimals":-5}]},{"name":"rpt:f-972","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanSettlementsBenefitObligation","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"900000","decimals":-5}]},{"name":"rpt:f-973","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanSettlementsBenefitObligation","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"1500000","decimals":-5}]},{"name":"rpt:f-974","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanSettlementsBenefitObligation","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"100000","decimals":-5}]},{"name":"rpt:f-975","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAmortizationOfPriorServiceCostCredit","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"-100000","decimals":-5}]},{"name":"rpt:f-976","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAmortizationOfGainsLosses","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"-2300000","decimals":-5}]},{"name":"rpt:f-977","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAmortizationOfGainsLosses","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"-2000000.0","decimals":-5}]},{"name":"rpt:f-978","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAmortizationOfGainsLosses","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"-1800000","decimals":-5}]},{"name":"rpt:f-979","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanNetPeriodicBenefitCost","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"2200000","decimals":-5}]},{"name":"rpt:f-980","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanNetPeriodicBenefitCost","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"3300000","decimals":-5}]},{"name":"rpt:f-981","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanNetPeriodicBenefitCost","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:RetirementPlanTypeAxis":"us-gaap:PensionPlansDefinedBenefitMember"},"factValues":[{"value":"1300000","decimals":-5}]},{"name":"rpt:f-982","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanExpectedAmortizationOfGainLossNextFiscalYear","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1600000","decimals":-5}]},{"name":"rpt:f-983","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAssumptionsUsedTableTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
May\u00a031,\u00a0 | \u00a0 | ||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0 | |
Discount rate: | |||||
Domestic plans | \u00a0 | 2.87 | %\u00a0\u00a0 | 2.83 | % |
International plan | \u00a0 | 1.20 | 1.20 | ||
Rate of compensation increase: | |||||
Domestic plans | \u00a0 | n/a | n/a | ||
International plans | \u00a0 | 3.00 | % | 3.00 | % |
"}]},{"name":"rpt:f-984","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"us-gaap:DomesticPlanMember"},"factValues":[{"value":"0.0287","decimals":4}]},{"name":"rpt:f-985","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate","xbrl:period":"2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"us-gaap:DomesticPlanMember"},"factValues":[{"value":"0.0283","decimals":4}]},{"name":"rpt:f-986","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"us-gaap:ForeignPlanMember"},"factValues":[{"value":"0.0120","decimals":4}]},{"name":"rpt:f-987","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate","xbrl:period":"2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"us-gaap:ForeignPlanMember"},"factValues":[{"value":"0.0120","decimals":4}]},{"name":"rpt:f-988","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"us-gaap:ForeignPlanMember"},"factValues":[{"value":"0.0300","decimals":4}]},{"name":"rpt:f-989","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease","xbrl:period":"2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"us-gaap:ForeignPlanMember"},"factValues":[{"value":"0.0300","decimals":4}]},{"name":"rpt:f-990","factDimensions":{"xbrl:concept":"air:ScheduleOfAssumptionsUsedToDetermineNetBenefitCostTableTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
For the Year Ended | \u00a0 | ||||||
May\u00a031,\u00a0 | \u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | \u00a0 | |
Discount rate: | |||||||
Domestic plans | \u00a0 | 2.83 | %\u00a0\u00a0 | 3.67 | %\u00a0\u00a0 | 4.05 | % |
International plan | \u00a0 | 1.20 | 1.50 | 1.90 | |||
Expected long-term rate on plan assets: | |||||||
Domestic plans | \u00a0 | 7.25 | %\u00a0\u00a0 | 7.25 | %\u00a0\u00a0 | 7.25 | % |
International plan | \u00a0 | 2.50 | 2.90 | 3.60 |
"}]},{"name":"rpt:f-991","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"us-gaap:DomesticPlanMember"},"factValues":[{"value":"0.0283","decimals":4}]},{"name":"rpt:f-992","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"us-gaap:DomesticPlanMember"},"factValues":[{"value":"0.0367","decimals":4}]},{"name":"rpt:f-993","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"us-gaap:DomesticPlanMember"},"factValues":[{"value":"0.0405","decimals":4}]},{"name":"rpt:f-994","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"us-gaap:ForeignPlanMember"},"factValues":[{"value":"0.0120","decimals":4}]},{"name":"rpt:f-995","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"us-gaap:ForeignPlanMember"},"factValues":[{"value":"0.0150","decimals":4}]},{"name":"rpt:f-996","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"us-gaap:ForeignPlanMember"},"factValues":[{"value":"0.0190","decimals":4}]},{"name":"rpt:f-997","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"us-gaap:DomesticPlanMember"},"factValues":[{"value":"0.0725","decimals":4}]},{"name":"rpt:f-998","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"us-gaap:DomesticPlanMember"},"factValues":[{"value":"0.0725","decimals":4}]},{"name":"rpt:f-999","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"us-gaap:DomesticPlanMember"},"factValues":[{"value":"0.0725","decimals":4}]},{"name":"rpt:f-1000","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"us-gaap:ForeignPlanMember"},"factValues":[{"value":"0.0250","decimals":4}]},{"name":"rpt:f-1001","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"us-gaap:ForeignPlanMember"},"factValues":[{"value":"0.0290","decimals":4}]},{"name":"rpt:f-1002","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:RetirementPlanTypeAxis":"us-gaap:ForeignPlanMember"},"factValues":[{"value":"0.0360","decimals":4}]},{"name":"rpt:f-1003","factDimensions":{"xbrl:concept":"air:ScheduleOfDefinedBenefitPlanAssetsActualAndTargetAllocationsTableTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
May\u00a031,\u00a0 | Target\u00a0Asset | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | Allocation | ||
Equity securities | 62 | %\u00a0\u00a0 | 60 | %\u00a0\u00a0 | 45 \u2013 75 | % | |
Fixed income securities | \u00a0 | 18 | 20 | 15 \u2013 45 | % | ||
Other | \u00a0 | 20 | 20 | 0 \u2013 25 | % | ||
\u00a0 | 100 | %\u00a0\u00a0 | 100 | %\u00a0\u00a0 |
"}]},{"name":"rpt:f-1004","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanWeightedAverageAssetAllocations","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:DefinedBenefitPlanByPlanAssetCategoriesAxis":"us-gaap:DefinedBenefitPlanEquitySecuritiesMember","us-gaap:RetirementPlanTypeAxis":"us-gaap:DomesticPlanMember"},"factValues":[{"value":"0.62","decimals":2}]},{"name":"rpt:f-1005","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanWeightedAverageAssetAllocations","xbrl:period":"2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:DefinedBenefitPlanByPlanAssetCategoriesAxis":"us-gaap:DefinedBenefitPlanEquitySecuritiesMember","us-gaap:RetirementPlanTypeAxis":"us-gaap:DomesticPlanMember"},"factValues":[{"value":"0.60","decimals":2}]},{"name":"rpt:f-1006","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanPlanAssetsTargetAllocationPercentage","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","srt:RangeAxis":"srt:MinimumMember","us-gaap:DefinedBenefitPlanByPlanAssetCategoriesAxis":"us-gaap:DefinedBenefitPlanEquitySecuritiesMember","us-gaap:RetirementPlanTypeAxis":"us-gaap:DomesticPlanMember"},"factValues":[{"value":"0.45","decimals":2}]},{"name":"rpt:f-1007","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanPlanAssetsTargetAllocationPercentage","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","srt:RangeAxis":"srt:MaximumMember","us-gaap:DefinedBenefitPlanByPlanAssetCategoriesAxis":"us-gaap:DefinedBenefitPlanEquitySecuritiesMember","us-gaap:RetirementPlanTypeAxis":"us-gaap:DomesticPlanMember"},"factValues":[{"value":"0.75","decimals":2}]},{"name":"rpt:f-1008","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanWeightedAverageAssetAllocations","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:DefinedBenefitPlanByPlanAssetCategoriesAxis":"us-gaap:FixedIncomeSecuritiesMember","us-gaap:RetirementPlanTypeAxis":"us-gaap:DomesticPlanMember"},"factValues":[{"value":"0.18","decimals":2}]},{"name":"rpt:f-1009","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanWeightedAverageAssetAllocations","xbrl:period":"2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:DefinedBenefitPlanByPlanAssetCategoriesAxis":"us-gaap:FixedIncomeSecuritiesMember","us-gaap:RetirementPlanTypeAxis":"us-gaap:DomesticPlanMember"},"factValues":[{"value":"0.20","decimals":2}]},{"name":"rpt:f-1010","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanPlanAssetsTargetAllocationPercentage","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","srt:RangeAxis":"srt:MinimumMember","us-gaap:DefinedBenefitPlanByPlanAssetCategoriesAxis":"us-gaap:FixedIncomeSecuritiesMember","us-gaap:RetirementPlanTypeAxis":"us-gaap:DomesticPlanMember"},"factValues":[{"value":"0.15","decimals":2}]},{"name":"rpt:f-1011","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanPlanAssetsTargetAllocationPercentage","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","srt:RangeAxis":"srt:MaximumMember","us-gaap:DefinedBenefitPlanByPlanAssetCategoriesAxis":"us-gaap:FixedIncomeSecuritiesMember","us-gaap:RetirementPlanTypeAxis":"us-gaap:DomesticPlanMember"},"factValues":[{"value":"0.45","decimals":2}]},{"name":"rpt:f-1012","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanWeightedAverageAssetAllocations","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:DefinedBenefitPlanByPlanAssetCategoriesAxis":"air:OtherSecuritiesMember","us-gaap:RetirementPlanTypeAxis":"us-gaap:DomesticPlanMember"},"factValues":[{"value":"0.20","decimals":2}]},{"name":"rpt:f-1013","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanWeightedAverageAssetAllocations","xbrl:period":"2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:DefinedBenefitPlanByPlanAssetCategoriesAxis":"air:OtherSecuritiesMember","us-gaap:RetirementPlanTypeAxis":"us-gaap:DomesticPlanMember"},"factValues":[{"value":"0.20","decimals":2}]},{"name":"rpt:f-1014","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanPlanAssetsTargetAllocationPercentage","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","srt:RangeAxis":"srt:MinimumMember","us-gaap:DefinedBenefitPlanByPlanAssetCategoriesAxis":"air:OtherSecuritiesMember","us-gaap:RetirementPlanTypeAxis":"us-gaap:DomesticPlanMember"},"factValues":[{"value":"0","decimals":2}]},{"name":"rpt:f-1015","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanPlanAssetsTargetAllocationPercentage","xbrl:period":"2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","srt:RangeAxis":"srt:MaximumMember","us-gaap:DefinedBenefitPlanByPlanAssetCategoriesAxis":"air:OtherSecuritiesMember","us-gaap:RetirementPlanTypeAxis":"us-gaap:DomesticPlanMember"},"factValues":[{"value":"0.25","decimals":2}]},{"name":"rpt:f-1016","factDimensions":{"xbrl:concept":"us-gaap:DefinedBenefitPlanWeightedAverageAssetAllocations","xbrl:period":"2021-06-01T00:00:00","xbrl: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The following table sets forth by level, within the fair value hierarchy, pension plan assets at their fair value as of May 31, 2021:
\u00a0\u00a0\u00a0\u00a0 | Level\u00a01(1) | \u00a0\u00a0\u00a0\u00a0 | Level\u00a02(2) | \u00a0\u00a0\u00a0\u00a0 | Level\u00a03(3) | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Equity securities: | ||||||||||||
U.S. mutual funds | $ | 40.3 | $ | \u2014 | $ | \u2014 | $ | 40.3 | ||||
International mutual funds | \u00a0 | 11.1 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | 11.1 | ||||
Fixed income: | ||||||||||||
Government securities and corporate bond mutual funds | \u00a0 | \u2014 | \u00a0 | 13.3 | \u00a0 | \u2014 | \u00a0 | 13.3 | ||||
Funds-of-funds | \u00a0 | \u2014 | \u00a0 | 61.3 | \u00a0 | \u2014 | \u00a0 | 61.3 | ||||
Insurance annuities | \u2014 | \u2014 | 15.6 | 15.6 | ||||||||
Cash and cash equivalents | \u00a0 | 0.7 | \u00a0 | \u2014 | \u00a0 | \u2014 | \u00a0 | 0.7 | ||||
$ | 52.1 | $ | 74.6 | $ | 15.6 | 142.3 | ||||||
Other investments measured at net asset value (4) | 16.1 | |||||||||||
Total pension plan assets | $ | 158.4 |
8. Employee Benefit Plans (Continued)
The following table sets forth by level, within the fair value hierarchy, pension plan assets at their fair value as of May\u00a031, 2020:
\u00a0\u00a0\u00a0\u00a0 | Level\u00a01(1) | \u00a0\u00a0\u00a0\u00a0 | Level\u00a02(2) | \u00a0\u00a0\u00a0\u00a0 | Level\u00a03(3) | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Equity securities: | ||||||||||||
U.S. mutual funds | $ | 31.5 | $ | \u2014 | $ | \u2014 | $ | 31.5 | ||||
International mutual funds | \u00a0 | 7.6 | \u2014 | \u00a0 | \u2014 | \u00a0 | 7.6 | |||||
Fixed income: | ||||||||||||
Government securities and corporate bond mutual funds | \u00a0 | 8.4 | 4.7 | \u00a0 | \u2014 | \u00a0 | 13.1 | |||||
Funds-of-funds | \u00a0 | \u2014 | 54.6 | \u00a0 | \u2014 | \u00a0 | 54.6 | |||||
Insurance annuities | \u2014 | \u2014 | 11.7 | 11.7 | ||||||||
Cash and cash equivalents | \u00a0 | 0.5 | \u2014 | \u00a0 | \u2014 | \u00a0 | 0.5 | |||||
$ | 48.0 | $ | 59.3 | $ | 11.7 | 119.0 | ||||||
Other investments measured at net asset value (4) | 12.8 | |||||||||||
Total pension plan assets | $ | 131.8 |
| (1) | Quoted prices in active markets for identical assets that we have the ability to access as of the reporting date. |
| (2) | Inputs other than quoted prices included within Level\u00a01 that are directly observable for the asset or indirectly observable through corroboration with observable market data. |
| (3) | Unobservable inputs, such as internally developed pricing models or third party valuations for the asset due to little or no market activity for the asset. |
| (4) | Other investments measured at net asset value included alternative investments, such as hedge funds, which are valued using the net asset value as a practical expedient. |
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\u00a0\u00a0\u00a0\u00a0 | Hedge\u00a0Funds | \u00a0\u00a0\u00a0\u00a0 | Fund-of-funds | \u00a0\u00a0\u00a0\u00a0 | Insurance Annuities | \u00a0\u00a0\u00a0\u00a0 | Total | |||||
Balance as of May\u00a031,\u00a02019 | $ | 4.2 | $ | 7.9 | $ | 9.9 | $ | 22.0 | ||||
Purchases | \u00a0 | \u2014 | \u2014 | 1.8 | 1.8 | |||||||
Sales | (0.1) | \u2014 | \u2014 | (0.1) | ||||||||
Return on plan assets related to assets still held at May 31, 2020 | 0.2 | 0.6 | \u2014 | 0.8 | ||||||||
Balance as of May\u00a031,\u00a02020 | \u00a0 | 4.3 | 8.5 | 11.7 | 24.5 | |||||||
Purchases | \u2014 | \u2014 | 3.9 | 3.9 | ||||||||
Return on plan assets related to assets still held at May 31, 2021 | 0.8 | 2.5 | \u2014 | 3.3 | ||||||||
Balance as of May\u00a031,\u00a02021 | $ | 5.1 | $ | 11.0 | $ | 15.6 | $ | 31.7 |
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Fiscal\u00a0Year | ||||||||||||||||||
2027\u00a0to | ||||||||||||||||||
\u00a0\u00a0\u00a0\u00a0 | 2022 | \u00a0\u00a0\u00a0\u00a0 | 2023 | \u00a0\u00a0\u00a0\u00a0 | 2024 | \u00a0\u00a0\u00a0\u00a0 | 2025 | \u00a0\u00a0\u00a0\u00a0 | 2026 | \u00a0\u00a0\u00a0\u00a0 | 2031 | |||||||
Estimated future pension payments | $ | 6.8 | $ | 6.4 | $ | 6.0 | $ | 7.0 | $ | 7.3 | $ | 35.0 |
9. \u00a0Accumulated Other Comprehensive Loss
Changes in our accumulated other comprehensive loss (\u201cAOCL\u201d) by component for each of the years in the three-year period ended May 31, 2021 were as follows (all amounts are net of tax):
\u00a0\u00a0\u00a0\u00a0 | Currency | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | ||||||
Translation | Pension | ||||||||
Adjustments | \u00a0Plans | Total | |||||||
Balance as of June 1, 2018 | $ | 0.3 | $ | (32.3) | $ | (32.0) | |||
Other comprehensive loss before reclassifications | \u00a0 | (2.4) | \u00a0 | (8.0) | \u00a0 | (10.4) | |||
Amounts reclassified from AOCL | \u00a0 | \u2014 | \u00a0 | 1.5 | \u00a0 | 1.5 | |||
Total other comprehensive loss | \u00a0 | (2.4) | \u00a0 | (6.5) | \u00a0 | (8.9) | |||
Balance as of May\u00a031,\u00a02019 | \u00a0 | (2.1) | \u00a0 | (38.8) | \u00a0 | (40.9) | |||
Other comprehensive income (loss) before reclassifications | \u00a0 | 0.1 | (5.0) | (4.9) | |||||
Amounts reclassified from AOCL | \u00a0 | \u2014 | \u00a0 | 1.2 | 1.2 | ||||
Total other comprehensive income (loss) | \u00a0 | 0.1 | \u00a0 | (3.8) | (3.7) | ||||
Balance as of May\u00a031,\u00a02020 | \u00a0 | (2.0) | (42.6) | (44.6) | |||||
Other comprehensive income before reclassifications | \u00a0 | 5.9 | 4.4 | 10.3 | |||||
Amounts reclassified from AOCL | \u00a0 | \u2014 | \u00a0 | 16.0 | 16.0 | ||||
Total other comprehensive income | \u00a0 | 5.9 | 20.4 | 26.3 | |||||
Balance as of May\u00a031,\u00a02021 | $ | 3.9 | $ | (22.2) | $ | (18.3) |
"}]},{"name":"rpt:f-1096","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
\u00a0\u00a0\u00a0\u00a0 | Currency | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | ||||||
Translation | Pension | ||||||||
Adjustments | \u00a0Plans | Total | |||||||
Balance as of June 1, 2018 | $ | 0.3 | $ | (32.3) | $ | (32.0) | |||
Other comprehensive loss before reclassifications | \u00a0 | (2.4) | \u00a0 | (8.0) | \u00a0 | (10.4) | |||
Amounts reclassified from AOCL | \u00a0 | \u2014 | \u00a0 | 1.5 | \u00a0 | 1.5 | |||
Total other comprehensive loss | \u00a0 | (2.4) | \u00a0 | (6.5) | \u00a0 | (8.9) | |||
Balance as of May\u00a031,\u00a02019 | \u00a0 | (2.1) | \u00a0 | (38.8) | \u00a0 | (40.9) | |||
Other comprehensive income (loss) before reclassifications | \u00a0 | 0.1 | (5.0) | (4.9) | |||||
Amounts reclassified from AOCL | \u00a0 | \u2014 | \u00a0 | 1.2 | 1.2 | ||||
Total other comprehensive income (loss) | \u00a0 | 0.1 | \u00a0 | (3.8) | (3.7) | ||||
Balance as of May\u00a031,\u00a02020 | \u00a0 | (2.0) | (42.6) | (44.6) | |||||
Other comprehensive income before reclassifications | \u00a0 | 5.9 | 4.4 | 10.3 | |||||
Amounts reclassified from AOCL | \u00a0 | \u2014 | \u00a0 | 16.0 | 16.0 | ||||
Total other comprehensive income | \u00a0 | 5.9 | 20.4 | 26.3 | |||||
Balance as of May\u00a031,\u00a02021 | $ | 3.9 | $ | (22.2) | $ | (18.3) |
10. Other Non-current Assets
At May 31, 2021 and 2020, other non-current assets consisted of the following:
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
License fees | $ | 25.0 | $ | 4.1 | ||
Contract assets | 21.6 | 22.4 | ||||
Investments in joint ventures | 18.3 | 17.8 | ||||
Assets\u00a0under\u00a0deferred\u00a0compensation\u00a0plan\u00a0 | \u00a0 | 12.6 | \u00a0 | 13.1 | ||
Pension assets | 10.4 | \u2014 | ||||
Cash\u00a0surrender\u00a0value\u00a0of\u00a0life\u00a0insurance | 5.5 | 15.6 | ||||
Other | \u00a0 | 5.4 | \u00a0 | 8.5 | ||
$ | 98.8 | $ | 81.5 |
Investments in Joint Ventures
Under the terms of servicing agreements with certain of our aircraft joint ventures, we provide administrative services and technical advisory services, including aircraft evaluations, oversight and logistical support of the maintenance process and records management. \u00a0We also provide evaluation and inspection services prior to the purchase of an aircraft and remarketing services with respect to the divestiture of aircraft by the joint ventures. \u00a0During fiscal 2021, 2020, and 2019, we were paid $1.0 million, $1.6 million, and $0.4 million, respectively, for such services.
Our investments in joint ventures include $10.0 million for our 40% ownership interest in a joint venture in India to develop and operate an airframe maintenance facility. \u00a0The facility is expected to receive regulatory certification in the first half of fiscal 2022 and would commence airframe maintenance operations shortly thereafter. \u00a0
10. Other Non-current Assets (Continued)
The investment balance as of May 31, 2021 includes $8.7 million related to the guarantee liability recognized in conjunction with our guarantee of 40% of the Indian joint venture\u2019s debt. \u00a0The Indian joint venture is accounted for using the equity method. \u00a0In addition, each of the partners in the Indian joint venture has a loan to the joint venture proportionate to its equity ownership. \u00a0Our loan to the Indian joint venture under this arrangement was $3.1 million as of May 31, 2021.
In the fourth quarter of fiscal 2020, we decided to exit our joint venture which operates a landing gear wheel and brake repair and overhaul facility in Malaysia. \u00a0In conjunction with the decision to exit the joint venture, we recognized an impairment charge of $1.9 million reflecting the anticipated net proceeds from our investment. \u00a0The impairment charge is reported in Earnings (Loss) from joint ventures on the Consolidated Statement of Income.
License Fees
In June 2011, we entered into a ten-year agreement with Unison Industries (\u201cUnison\u201d) to be the exclusive worldwide aftermarket distributor for Unison\u2019s electrical components, sensors, switches and other systems for aircraft and industrial uses. \u00a0In June 2020, we entered into an extension and expansion of our agreement with Unison including a new termination date of December 31, 2031, an initial $25.0 million license fee paid in June 2020 to Unison, and annual license fees at a fixed percentage of our net sales of Unison products. \u00a0The June 2020 payment of $25.0 million was capitalized and is being amortized on a straight-line basis over the term of the new agreement. As of May 31, 2021, the unamortized balance of the license is $23.8 million.
Split-Dollar Life Insurance Arrangements
We previously entered into split-dollar life insurance agreements to benefit certain former executives and officers. \u00a0Under the terms of the arrangements, we made premium payments on the individuals\u2019 behalf and we retained a collateral interest in the policies generally to the extent of the premiums we previously paid. \u00a0As of May 31, 2021, our Consolidated Balance Sheet included $5.5 million in Other non-current assets for cumulative premiums paid and expected to be reimbursed upon termination of the policies.
During the second quarter of fiscal 2021, certain split-dollar life insurance agreements were terminated and we received $12.0 million for reimbursement of both the life insurance premiums we previously paid and a portion of our prior tax payments made on the individuals\u2019 behalf related to their imputed income on the policies. \u00a0The reimbursement of the premiums paid of $10.0 million has been classified as cash flow from investing activities with the remainder included in cash flow from operating activities as it represents the reimbursement of a portion of the income taxes previously paid and expensed. \u00a0In the second quarter of fiscal 2021, we recognized a benefit of $1.3 million in Selling, general and administrative expenses on the Consolidated Statement of Income for the net recovery of the taxes previously paid on behalf of the individuals.
"}]},{"name":"rpt:f-1135","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfOtherAssetsNoncurrentTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
License fees | $ | 25.0 | $ | 4.1 | ||
Contract assets | 21.6 | 22.4 | ||||
Investments in joint ventures | 18.3 | 17.8 | ||||
Assets\u00a0under\u00a0deferred\u00a0compensation\u00a0plan\u00a0 | \u00a0 | 12.6 | \u00a0 | 13.1 | ||
Pension assets | 10.4 | \u2014 | ||||
Cash\u00a0surrender\u00a0value\u00a0of\u00a0life\u00a0insurance | 5.5 | 15.6 | ||||
Other | \u00a0 | 5.4 | \u00a0 | 8.5 | ||
$ | 98.8 | $ | 81.5 |
11. Leases
We lease facilities, offices, vehicles, and equipment. \u00a0We determine at inception whether an arrangement that provides us control over the use of an asset is a lease. \u00a0ROU assets and lease liabilities are recognized on the Consolidated Balance Sheet at lease commencement date based on the present value of the future minimum lease payments over the lease term. \u00a0Our lease agreements do not provide a readily determinable implicit rate nor is it available to us from our lessors. \u00a0We estimate our incremental borrowing rate based on information available at lease commencement in order to discount lease payments to present value.
Our lease costs are allocated over the remaining lease term on a straight-line basis unless another systematic or rational basis is more representative of the pattern in which the underlying asset is expected to be used. ROU assets are evaluated for impairment in a manner consistent with the treatment of other long-lived assets.
11. Leases (Continued)
Certain leases include options to renew or extend the terms of the lease, which are included in the determination of the ROU assets and lease liabilities when it is reasonably certain that the option will be exercised. Our leases may also include variable lease payments such as escalation clauses based on consumer price index rates, maintenance costs and utilities. Variable lease payments that depend on an index or a rate are included in the determination of ROU assets and lease liabilities using the index or rate at the lease commencement date, whereas variable lease payments that do not depend on an index or rate are recorded as lease expense in the period incurred. \u00a0Our lease agreements do not contain any significant residual value guarantees or restrictive covenants.
The summary of our operating lease cost is as follows:
\u00a0\u00a0\u00a0\u00a0 | For the Year Ended May 31, | |||||
2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | ||||
Operating lease cost | $ | 16.4 | $ | 18.4 | ||
Short-term lease cost | \u00a0 | 1.7 | \u00a0 | 5.3 | ||
Variable lease cost | \u00a0 | 3.5 | \u00a0 | 7.4 | ||
$ | 21.6 | $ | 31.1 |
Rental expense for facilities and equipment during fiscal year 2019 was $25.9 million.
With the exception of a land lease for one of our airframe maintenance facilities that expires in 2108, our operating leases expire at various dates through 2034. \u00a0Maturities of our operating lease payments as of May 31, 2021 are as follows:
2022 | \u00a0\u00a0\u00a0\u00a0 | $ | 13.7 |
2023 | \u00a0 | 11.9 | |
2024 | \u00a0 | 9.9 | |
2025 | \u00a0 | 8.8 | |
2026 | \u00a0 | 7.7 | |
Thereafter | \u00a0 | 32.9 | |
Total undiscounted payments | \u00a0 | 84.9 | |
Less: Imputed interest | \u00a0 | (13.5) | |
Present value of minimum lease payments | \u00a0 | 71.4 | |
\u00a0 | (11.5) | ||
Operating lease liabilities \u2013 non-current | $ | 59.9 |
The current portion of operating lease liabilities are presented within Accrued liabilities on our Consolidated Balance Sheet.
Excluding leases related to our discontinued operations, the weighted average remaining lease term and discount rate for our operating leases were approximately 8.5 years and 3.8%, respectively, as of May 31, 2021. \u00a0
Supplemental cash flow information related to leases was as follows:
\u00a0\u00a0\u00a0\u00a0 | For the Year Ended May 31,\u00a0\u00a0\u00a0\u00a0 | |||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
Cash paid for amounts included in the measurement of lease liabilities | $ | 15.3 | $ | 16.5 | ||
Operating lease liabilities arising from obtaining ROU assets | \u00a0 | 5.2 | \u00a0 | 13.0 |
"}]},{"name":"rpt:f-1169","factDimensions":{"xbrl:concept":"us-gaap:LeaseCostTableTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
\u00a0\u00a0\u00a0\u00a0 | For the Year Ended May 31, | |||||
2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | ||||
Operating lease cost | $ | 16.4 | $ | 18.4 | ||
Short-term lease cost | \u00a0 | 1.7 | \u00a0 | 5.3 | ||
Variable lease cost | \u00a0 | 3.5 | \u00a0 | 7.4 | ||
$ | 21.6 | $ | 31.1 |
With the exception of a land lease for one of our airframe maintenance facilities that expires in 2108, our operating leases expire at various dates through 2034. \u00a0Maturities of our operating lease payments as of May 31, 2021 are as follows:
2022 | \u00a0\u00a0\u00a0\u00a0 | $ | 13.7 |
2023 | \u00a0 | 11.9 | |
2024 | \u00a0 | 9.9 | |
2025 | \u00a0 | 8.8 | |
2026 | \u00a0 | 7.7 | |
Thereafter | \u00a0 | 32.9 | |
Total undiscounted payments | \u00a0 | 84.9 | |
Less: Imputed interest | \u00a0 | (13.5) | |
Present value of minimum lease payments | \u00a0 | 71.4 | |
\u00a0 | (11.5) | ||
Operating lease liabilities \u2013 non-current | $ | 59.9 |
\u00a0\u00a0\u00a0\u00a0 | For the Year Ended May 31,\u00a0\u00a0\u00a0\u00a0 | |||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
Cash paid for amounts included in the measurement of lease liabilities | $ | 15.3 | $ | 16.5 | ||
Operating lease liabilities arising from obtaining ROU assets | \u00a0 | 5.2 | \u00a0 | 13.0 |
12. Commitments and Contingencies
We enter into purchase obligations, which arise in the ordinary course of business and represent a binding commitment to acquire inventory, including raw materials, parts and components, as well as equipment to support the operations of our business. The aggregate amount of purchase obligations due in each of the next five fiscal years is $102.2 million in 2022, $208.5 million in 2023, $53.0 million in 2024, $15.2 in 2025 and $2.0 million in 2026.
We routinely issue letters of credit and performance bonds in the ordinary course of our business. These instruments are typically issued in conjunction with insurance contracts or other business requirements. The total of these instruments outstanding at May 31, 2021 was approximately $30.8\u00a0million which includes $11.6 million related to a guarantee of 40% of the outstanding debt of our Indian joint venture. We have recognized a current liability of $8.7 million based on the fair value of our guarantee obligation.
We are involved in various claims and legal actions, including environmental matters, arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on our consolidated financial condition or results of operations.
Government Subsidies
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (\u201cCARES Act\u201d) was enacted in the U.S. in response to the COVID-19 pandemic. \u00a0The CARES Act includes provisions relating to refundable payroll tax credits, deferral of the employer portion of certain payroll taxes, net operating loss carrybacks, and other areas. \u00a0The payroll tax deferral requires that the deferred payroll taxes be paid over two years, with half of the amount required to be paid by December 31, 2021 and the other half by December 31, 2022. \u00a0As of May 31, 2021, we deferred $12.4 million of payroll taxes of which $6.2 million are included in Accrued Liabilities and $6.2 million in Other liabilities on our Consolidated Balance Sheet.
During the three-month period ended August 31, 2020, we received $57.2 million from the U.S. Treasury Department through the Payroll Support Program under the CARES Act. \u00a0This funding included a $48.5 million cash grant which is to be used exclusively for the continuation of payment of employee wages, salaries and benefits for employees of certain MRO facilities. \u00a0The grant was recognized as contra-expense on our Consolidated Statement of Income as the eligible wages, salaries and benefits were incurred. \u00a0In fiscal 2021, we recognized the full amount of the grant as contra-expense within Cost of sales and Selling, general and administrative expenses of $47.5 million and $1.0 million, respectively.
The remaining funding of $8.7 million was a low interest senior unsecured promissory note (\u201cPromissory Note\u201d) which included interest at a rate per annum equal to the sum of (i) 1.0% for the first five years, and the applicable secured overnight financing rate plus 2.0% in years six through ten plus (ii) in kind interest of 3.0% for the first five years and increasing by 1.0% each year over the remaining term. \u00a0The Promissory Note was pre-payable at par at any time and we re-paid the Promissory Note in full during the fourth quarter of fiscal 2021. \u00a0Certain corporate restrictions continue to apply to us for approximately the next year which include restrictions on dividends, stock repurchases, employee compensation, and certain workforce actions.
Other countries have enacted legislation similar to the CARES Act to provide relief and stimulus measures to assist companies in mitigating the financial impact from COVID-19 and supporting their employees. \u00a0During fiscal 2021, our foreign subsidiaries recognized subsidies of $7.9 million from foreign governments which have been deducted from the related expenses on our Consolidated Statement of Income.
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\u00a0Sale of Composites Business
On August 31, 2020, we completed the sale of our aerostructures and aerospace products operations located in Clearwater, Florida and Sacramento, California (\"Composites\"). The Composites business was formerly included in our Expeditionary Services segment. The sale of Composites is consistent with our multi-year strategy to focus our portfolio on our core services offerings and the transaction has allowed us to further prioritize our efforts in our principal businesses.
We recognized a loss on the sale of the Composites business of $20.2 million which included consideration of $1.6 million. Consideration from the sale includes contingent consideration of up to $6.5 million based on the achievement of sales targets over the next three years. Consideration included in the loss on sale was comprised of net cash received of $0.3 million and the fair value of the earn-out consideration of $1.3 million.
"}]},{"name":"rpt:f-1221","factDimensions":{"xbrl:concept":"us-gaap:DisposalGroupNotDiscontinuedOperationGainLossOnDisposal","xbrl:period":"2020-08-31T00:00:00/2020-09-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"air:CompositesBusinessMember"},"factValues":[{"value":"-20200000","decimals":-5}]},{"name":"rpt:f-1222","factDimensions":{"xbrl:concept":"us-gaap:DisposalGroupIncludingDiscontinuedOperationConsideration","xbrl:period":"2020-09-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"air:CompositesBusinessMember"},"factValues":[{"value":"1600000","decimals":-5}]},{"name":"rpt:f-1223","factDimensions":{"xbrl:concept":"air:MaximumContingentConsideration","xbrl:period":"2020-09-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"air:CompositesBusinessMember"},"factValues":[{"value":"6500000","decimals":-5}]},{"name":"rpt:f-1224","factDimensions":{"xbrl:concept":"air:ContingentConsiderationPeriodForAchievementOfSalesTargets","xbrl:period":"2020-08-31T00:00:00/2020-09-01T00:00:00","xbrl:entity":"cik:0000001750","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"air:CompositesBusinessMember"},"factValues":[{"value":"P3Y"}]},{"name":"rpt:f-1225","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromDivestitureOfBusinesses","xbrl:period":"2020-08-31T00:00:00/2020-09-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"air:CompositesBusinessMember"},"factValues":[{"value":"300000","decimals":-5}]},{"name":"rpt:f-1226","factDimensions":{"xbrl:concept":"air:FairValueOfEarnOutConsideration","xbrl:period":"2020-09-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"air:CompositesBusinessMember"},"factValues":[{"value":"1300000","decimals":-5}]},{"name":"rpt:f-1227","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingDisclosureTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
14. Business Segment Information
Segment Reporting
Consistent with how our chief operating decision making officer (Chief Executive Officer) evaluates performance and the way we are organized internally, we report our activities in two segments: \u00a0Aviation Services comprised of supply chain and MRO activities and Expeditionary Services comprised of manufacturing activities.
The Aviation Services segment consists of aftermarket support and services offerings that provide spare parts and maintenance support for aircraft operated by our commercial and government/defense customers. \u00a0Sales in the Aviation Services segment are derived from the sale and lease of a wide variety of new, overhauled and repaired engine and airframe parts and components to the commercial aviation and government and defense markets. \u00a0We provide customized inventory supply chain management, performance-based logistics programs, customer fleet management and operations, and aircraft component repair management services. \u00a0The segment also includes repair, maintenance and overhaul of aircraft, landing gear and components. \u00a0Cost of sales consists principally of the cost of product, direct labor, and overhead.
The Expeditionary Services segment consists of primarily manufacturing operations with sales derived from the design and manufacture of pallets, shelters, and containers used to support the U.S. military\u2019s requirements for a mobile and agile force including engineering, design, and system integration services for specialized command and control systems. \u00a0Cost of sales consists principally of the cost of material to manufacture products, direct labor and overhead.
The accounting policies for the segments are the same as those described in Note 1. \u00a0Our chief operating decision making officer (Chief Executive Officer) evaluates performance based on the reportable segments and utilizes gross profit as a primary profitability measure. \u00a0Gross profit is calculated by subtracting cost of sales from sales. \u00a0The assets and certain expenses related to corporate activities are not allocated to the segments. \u00a0Our reportable segments are aligned principally around differences in products and services.
14. Business Segment Information (Continued)
Selected financial information for each segment is as follows:
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Net sales: | |||||||||
Aviation Services | $ | 1,553.7 | $ | 1,964.2 | $ | 1,920.6 | |||
Expeditionary Services | \u00a0 | 98.6 | \u00a0 | 107.8 | \u00a0 | 131.2 | |||
$ | 1,652.3 | $ | 2,072.0 | $ | 2,051.8 |
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Gross profit: | |||||||||
Aviation Services | $ | 263.2 | $ | 267.3 | $ | 313.6 | |||
Expeditionary Services | \u00a0 | 12.7 | \u00a0 | 1.9 | \u00a0 | 16.2 | |||
$ | 275.9 | $ | 269.2 | $ | 329.8 |
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
Total assets: | ||||||
Aviation Services | $ | 1,357.2 | $ | 1,502.5 | ||
Expeditionary Services | \u00a0 | 73.0 | \u00a0 | 103.6 | ||
Corporate and discontinued operations | 109.5 | 472.9 | ||||
$ | 1,539.7 | $ | 2,079.0 |
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Capital expenditures: | |||||||||
Aviation Services | $ | 8.1 | $ | 16.9 | $ | 15.1 | |||
Expeditionary Services | \u00a0 | 3.1 | \u00a0 | 5.4 | \u00a0 | 1.4 | |||
Corporate | \u00a0 | 0.1 | \u00a0 | 1.3 | \u00a0 | 0.9 | |||
Total continuing operations | 11.3 | 23.6 | 17.4 | ||||||
Discontinued operations | \u2014 | \u2014 | 0.5 | ||||||
$ | 11.3 | $ | 23.6 | $ | 17.9 |
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Depreciation and amortization:1 | |||||||||
Aviation Services | $ | 33.7 | $ | 39.2 | $ | 37.5 | |||
Expeditionary Services | \u00a0 | 2.3 | \u00a0 | 3.7 | \u00a0 | 4.1 | |||
Corporate | \u00a0 | 9.5 | \u00a0 | 8.1 | \u00a0 | 14.7 | |||
$ | 45.5 | $ | 51.0 | $ | 56.3 |
| 1 | Includes amortization of stock-based compensation. |
14. Business Segment Information (Continued)
The following table reconciles segment gross profit to income from continuing operations before provision for income taxes.
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Segment gross profit | $ | 275.9 | $ | 269.2 | $ | 329.8 | |||
Provision for doubtful accounts | (8.5) | (5.4) | (15.8) | ||||||
Selling, general and administrative | \u00a0 | (182.4) | \u00a0 | (220.6) | \u00a0 | (215.4) | |||
Earnings (Loss) from joint ventures | 0.2 | (1.9) | (0.3) | ||||||
Loss on sale of business | (20.2) | \u2014 | \u2014 | ||||||
Other income (expenses), net | 4.3 | (2.1) | (0.8) | ||||||
Interest expense | \u00a0 | (5.0) | \u00a0 | (9.3) | \u00a0 | (9.5) | |||
Interest income | \u00a0 | 0.2 | \u00a0 | 0.5 | \u00a0 | 1.0 | |||
Income from continuing operations before provision for income taxes | $ | 64.5 | $ | 30.4 | $ | 89.0 |
The U.S. Department of Defense, U.S. Department of State, other U.S. government agencies and their contractors are our only customers representing 10% or more of total sales in any of the last three fiscal years. \u00a0Sales by segment for these customers are as follows:
For the Year Ended May\u00a031,\u00a0 | \u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | \u00a0 | ||||
Aviation Services | $ | 657.0 | $ | 588.7 | $ | 455.9 | ||||
Expeditionary Services | \u00a0 | 81.8 | \u00a0 | 79.5 | \u00a0 | 90.3 | ||||
$ | 738.8 | $ | 668.2 | $ | 546.2 | |||||
Percentage of total sales | \u00a0 | 44.7 | %\u00a0\u00a0 | \u00a0 | 32.2 | %\u00a0\u00a0 | \u00a0 | 26.6 | % |
Sales across the major customer markets for each of our operating segments for the fiscal years ended May 31, 2021, 2020 and 2019 were as follows:
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Aviation Services: | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||||
Commercial | $ | 793.9 | $ | 1,268.9 | $ | 1,342.3 | |||
Government and defense | \u00a0 | 759.8 | \u00a0 | 695.3 | \u00a0 | 578.3 | |||
$ | 1,553.7 | $ | 1,964.2 | $ | 1,920.6 | ||||
Expeditionary Services: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Commercial | $ | 12.5 | $ | 24.3 | $ | 31.6 | |||
Government and defense | \u00a0 | 86.1 | \u00a0 | 83.5 | \u00a0 | 99.6 | |||
$ | 98.6 | $ | 107.8 | $ | 131.2 |
14. Business Segment Information (Continued)
Sales by type of product/service was as follows:
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Aviation supply chain | $ | 1,172.7 | $ | 1,434.3 | $ | 1,395.2 | |||
Maintenance, repair and overhaul services | 381.0 | \u00a0 | 529.9 | \u00a0 | 525.4 | ||||
Mobility products | 98.6 | \u00a0 | 107.8 | \u00a0 | 131.2 | ||||
$ | 1,652.3 | $ | 2,072.0 | $ | 2,051.8 |
Geographic Data
Sales by geographic region for the fiscal years ended May 31, 2021, 2020 and 2019 were as follows:
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Aviation Services: | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||||
North America | $ | 1,255.7 | $ | 1,505.6 | $ | 1,426.8 | |||
Europe/Africa | \u00a0 | 207.5 | \u00a0 | 330.8 | \u00a0 | 323.4 | |||
Other | \u00a0 | 90.5 | \u00a0 | 127.8 | \u00a0 | 170.4 | |||
$ | 1,553.7 | $ | 1,964.2 | $ | 1,920.6 | ||||
Expeditionary Services: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
North America | $ | 95.9 | $ | 98.4 | $ | 124.1 | |||
Europe/Africa | \u00a0 | 2.6 | \u00a0 | 9.0 | \u00a0 | 5.8 | |||
Other | \u00a0 | 0.1 | \u00a0 | 0.4 | \u00a0 | 1.3 | |||
$ | 98.6 | $ | 107.8 | $ | 131.2 |
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
Long-lived assets: | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | ||||
United States | $ | 419.1 | $ | 423.9 | ||
Europe | \u00a0 | 83.1 | \u00a0 | 102.1 | ||
Other | \u00a0 | 100.5 | \u00a0 | 114.3 | ||
$ | 602.7 | $ | 640.3 |
Sales to unaffiliated customers in foreign countries (including sales through foreign sales offices of domestic subsidiaries) were approximately $370.5 million (22.4% of total sales), $591.8\u00a0million (28.6% of total sales) and $661.8\u00a0million (32.3% of total sales) in fiscal 2021, 2020 and 2019, respectively.
"}]},{"name":"rpt:f-1228","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportableSegments","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"air:segment"},"factValues":[{"value":"2"}]},{"name":"rpt:f-1229","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"Selected financial information for each segment is as follows:
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Net sales: | |||||||||
Aviation Services | $ | 1,553.7 | $ | 1,964.2 | $ | 1,920.6 | |||
Expeditionary Services | \u00a0 | 98.6 | \u00a0 | 107.8 | \u00a0 | 131.2 | |||
$ | 1,652.3 | $ | 2,072.0 | $ | 2,051.8 |
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Gross profit: | |||||||||
Aviation Services | $ | 263.2 | $ | 267.3 | $ | 313.6 | |||
Expeditionary Services | \u00a0 | 12.7 | \u00a0 | 1.9 | \u00a0 | 16.2 | |||
$ | 275.9 | $ | 269.2 | $ | 329.8 |
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
Total assets: | ||||||
Aviation Services | $ | 1,357.2 | $ | 1,502.5 | ||
Expeditionary Services | \u00a0 | 73.0 | \u00a0 | 103.6 | ||
Corporate and discontinued operations | 109.5 | 472.9 | ||||
$ | 1,539.7 | $ | 2,079.0 |
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Capital expenditures: | |||||||||
Aviation Services | $ | 8.1 | $ | 16.9 | $ | 15.1 | |||
Expeditionary Services | \u00a0 | 3.1 | \u00a0 | 5.4 | \u00a0 | 1.4 | |||
Corporate | \u00a0 | 0.1 | \u00a0 | 1.3 | \u00a0 | 0.9 | |||
Total continuing operations | 11.3 | 23.6 | 17.4 | ||||||
Discontinued operations | \u2014 | \u2014 | 0.5 | ||||||
$ | 11.3 | $ | 23.6 | $ | 17.9 |
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Depreciation and amortization:1 | |||||||||
Aviation Services | $ | 33.7 | $ | 39.2 | $ | 37.5 | |||
Expeditionary Services | \u00a0 | 2.3 | \u00a0 | 3.7 | \u00a0 | 4.1 | |||
Corporate | \u00a0 | 9.5 | \u00a0 | 8.1 | \u00a0 | 14.7 | |||
$ | 45.5 | $ | 51.0 | $ | 56.3 |
| 1 | Includes amortization of stock-based compensation. |
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Segment gross profit | $ | 275.9 | $ | 269.2 | $ | 329.8 | |||
Provision for doubtful accounts | (8.5) | (5.4) | (15.8) | ||||||
Selling, general and administrative | \u00a0 | (182.4) | \u00a0 | (220.6) | \u00a0 | (215.4) | |||
Earnings (Loss) from joint ventures | 0.2 | (1.9) | (0.3) | ||||||
Loss on sale of business | (20.2) | \u2014 | \u2014 | ||||||
Other income (expenses), net | 4.3 | (2.1) | (0.8) | ||||||
Interest expense | \u00a0 | (5.0) | \u00a0 | (9.3) | \u00a0 | (9.5) | |||
Interest income | \u00a0 | 0.2 | \u00a0 | 0.5 | \u00a0 | 1.0 | |||
Income from continuing operations before provision for income taxes | $ | 64.5 | $ | 30.4 | $ | 89.0 |
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0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"200000","decimals":-5}]},{"name":"rpt:f-1305","factDimensions":{"xbrl:concept":"us-gaap:InvestmentIncomeInterest","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"500000","decimals":-5}]},{"name":"rpt:f-1306","factDimensions":{"xbrl:concept":"us-gaap:InvestmentIncomeInterest","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1000000.0","decimals":-5}]},{"name":"rpt:f-1307","factDimensions":{"xbrl:concept":"air:IncomeLossFromContinuingOperationsBeforeIncomeTaxesAndMinorityInterest","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"64500000","decimals":-5}]},{"name":"rpt:f-1308","factDimensions":{"xbrl:concept":"air:IncomeLossFromContinuingOperationsBeforeIncomeTaxesAndMinorityInterest","xbrl:period":"2019-06-01T00:00:00/2020-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"30400000","decimals":-5}]},{"name":"rpt:f-1309","factDimensions":{"xbrl:concept":"air:IncomeLossFromContinuingOperationsBeforeIncomeTaxesAndMinorityInterest","xbrl:period":"2018-06-01T00:00:00/2019-06-01T00:00:00","xbrl:entity":"cik:0000001750","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"89000000.0","decimals":-5}]},{"name":"rpt:f-1310","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock","xbrl:period":"2020-06-01T00:00:00/2021-06-01T00:00:00","xbrl:entity":"cik:0000001750"},"factValues":[{"value":"
For the Year Ended May\u00a031,\u00a0 | \u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | \u00a0 | ||||
Aviation Services | $ | 657.0 | $ | 588.7 | $ | 455.9 | ||||
Expeditionary Services | \u00a0 | 81.8 | \u00a0 | 79.5 | \u00a0 | 90.3 | ||||
$ | 738.8 | $ | 668.2 | $ | 546.2 | |||||
Percentage of total sales | \u00a0 | 44.7 | %\u00a0\u00a0 | \u00a0 | 32.2 | %\u00a0\u00a0 | \u00a0 | 26.6 | % |
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Aviation Services: | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||||
Commercial | $ | 793.9 | $ | 1,268.9 | $ | 1,342.3 | |||
Government and defense | \u00a0 | 759.8 | \u00a0 | 695.3 | \u00a0 | 578.3 | |||
$ | 1,553.7 | $ | 1,964.2 | $ | 1,920.6 | ||||
Expeditionary Services: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
Commercial | $ | 12.5 | $ | 24.3 | $ | 31.6 | |||
Government and defense | \u00a0 | 86.1 | \u00a0 | 83.5 | \u00a0 | 99.6 | |||
$ | 98.6 | $ | 107.8 | $ | 131.2 |
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Aviation supply chain | $ | 1,172.7 | $ | 1,434.3 | $ | 1,395.2 | |||
Maintenance, repair and overhaul services | 381.0 | \u00a0 | 529.9 | \u00a0 | 525.4 | ||||
Mobility products | 98.6 | \u00a0 | 107.8 | \u00a0 | 131.2 | ||||
$ | 1,652.3 | $ | 2,072.0 | $ | 2,051.8 |
For the Year Ended May\u00a031,\u00a0 | |||||||||
\u00a0\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | \u00a0\u00a0\u00a0\u00a0 | 2019 | ||||
Aviation Services: | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | ||||
North America | $ | 1,255.7 | $ | 1,505.6 | $ | 1,426.8 | |||
Europe/Africa | \u00a0 | 207.5 | \u00a0 | 330.8 | \u00a0 | 323.4 | |||
Other | \u00a0 | 90.5 | \u00a0 | 127.8 | \u00a0 | 170.4 | |||
$ | 1,553.7 | $ | 1,964.2 | $ | 1,920.6 | ||||
Expeditionary Services: | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | \u00a0 | \u00a0\u00a0 | |||
North America | $ | 95.9 | $ | 98.4 | $ | 124.1 | |||
Europe/Africa | \u00a0 | 2.6 | \u00a0 | 9.0 | \u00a0 | 5.8 | |||
Other | \u00a0 | 0.1 | \u00a0 | 0.4 | \u00a0 | 1.3 | |||
$ | 98.6 | $ | 107.8 | $ | 131.2 |
May\u00a031,\u00a0 | ||||||
\u00a0\u00a0\u00a0\u00a0 | 2021 | \u00a0\u00a0\u00a0\u00a0 | 2020 | |||
Long-lived assets: | \u00a0\u00a0\u00a0\u00a0 | \u00a0\u00a0\u00a0\u00a0 | ||||
United States | $ | 419.1 | $ | 423.9 | ||
Europe | \u00a0 | 83.1 | \u00a0 | 102.1 | ||
Other | \u00a0 | 100.5 | \u00a0 | 114.3 | ||
$ | 602.7 | $ | 640.3 |
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15. \u00a0Legal Proceedings
We are not a party to any material pending legal proceeding (including any governmental or environmental proceeding) other than routine litigation incidental to our business except for the following:
Department of Justice Investigation
As previously reported, the U.S. Department of Justice (\u201cDoJ\u201d), acting through the U.S. Attorney\u2019s Office for the Southern District of Illinois, conducted an investigation of AAR Airlift Group, Inc. (\u201cAirlift\u201d), a wholly-owned subsidiary of AAR CORP., under the federal civil False Claims Act (\u201cFCA\u201d). The investigation related to Airlift\u2019s performance of several contracts awarded by the U.S. Transportation Command (\u201cTRANSCOM\u201d) concerning the operations and maintenance of rotary-wing and fixed-wing aircraft in Afghanistan and Africa, as well as several U.S. Navy contracts. In June 2018, the DoJ informed Airlift that part of the investigation was precipitated by a lawsuit filed under the qui tam provisions of the FCA by a former employee of Airlift.
In June 2021, Airlift and the DoJ reached an agreement to settle the FCA investigation and related matters for approximately $11.5 million which concluded the DoJ investigation into Airlift\u2019s contracts with TRANSCOM and the U.S. Navy. \u00a0As part of the settlement, Airlift and AAR did not admit any wrongdoing.
We recognized charges of $11.0 million in discontinued operations in fiscal 2021 related to this agreement and related matters. \u00a0As of May 31, 2021, our reserve for the entire matter was $12.7 million. \u00a0
Self-Reporting of Potential Foreign Corrupt Practices Act Violations
The Company retained outside counsel to investigate possible violations of the Company\u2019s Code of Conduct, the U.S. Foreign Corrupt Practices Act, and other applicable laws, relating to the Company\u2019s activities in Nepal and South Africa. \u00a0Based on these investigations, in fiscal 2019, we self-reported these matters to the DoJ, the U.S. Securities and Exchange Commission and the UK Serious Fraud Office. \u00a0The Company is fully cooperating with the reviews by these agencies, although we are unable at this time to predict what action, if any, they may take.
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